A total 21 ready properties priced over Dh30 million were sold in Dubai during the month of October, according to the monthly report by ValuStrat.
These properties are situated in Palm Jumeirah, Emirates Hills, Jumeirah Bay Island, Al Barari, Dubai Hills Estate, and District One, the report by the real estate agency said.
Villa and apartment prices have seen a steady growth in Dubai during the last month. Villa prices rose at 2.2% monthly, and 32.4% annually. Top annual performers include villas in highly sought-after areas like Palm Jumeirah (42.5%), Jumeirah Islands (42.3%), Dubai Hills Estate (33.7%), and Emirates Hills (33.1%). The villas in Jumeirah Islands are now three times more expensive than it was at the start of 2021. The lowest gains were seen in Mudon (17.1%) and Jumeirah Village Triangle, with Mudon remaining stable for the second consecutive month.
Apartment prices rose by 1.7% monthly, with an annual growth of 24.3%. Among the areas with the highest apartment capital gains compared to last year were The Greens (32.4%), Discovery Gardens (30.9%), Palm Jumeirah (29.9%), and The Views (28.4%). Least capital value gains were found in International City (16.8%) and Dubai Sports City (17.5%).
Registrations for off-plan homes grew 13.1% monthly and 99.7% annually, representing almost three-quarters of all home sales this month, the report said The volume of ready secondary-home transactions also grew by 11.7% monthly and 30.1% annually.
October 2024 saw Emaar (14.7%), Damac (13.6%), Sobha (8.7%), Azizi (6.2%), and Dubai Holding (3.4%) lead the developer sales charts overall. Top off-plan locations transacted included projects in Jumeirah Village Circle (6.5%), Dubai Hills Estate (5.6%), Motor City (5.6%), and Dubai South (5.5%). Most ready homes sold were located in Jumeirah Village Circle (10.7%), Business Bay (7%), Dubai Marina (6.2%), and Downtown Dubai (4.5%).
For a detailed perspective on the property market, visit: Dubai - VPI Residential Capital Values - November 2024
