Dubai's luxury real estate market continues to surge, with 13 high-end homes sold in August, each valued at over Dh30 million. These prime properties are located in prestigious neighbourhoods such as Palm Jumeirah, Emirates Hills, Jumeirah Bay Island, Dubai Hills Estate, Bluewaters Island, Jumeirah Golf Estates, and District One.
According to the ValuStrat monthly report, the residential capital gains in Dubai have maintained a robust trajectory, surpassing market expectations. The average size of homes purchased has reached a record low, while off-plan registrations continue to dominate the market. Sales of ready properties have seen a slight decline.
Apartments vs. VillasVillas: 85% of all established freehold villa communities in Dubai have more than doubled in value since four years ago. Monthly villa capital gains stood at 2.4% and 33.5% year-over-year. Prime performers include villas in Palm Jumeirah (42.9%), Jumeirah Islands (42.4%), Dubai Hills Estate (36.9%), and Emirates Hills (34.3%).
Apartments: Apartment prices rose by 2% month-over-month, maintaining a record annual growth of 24.4%. Areas with the highest apartment capital gains include Discovery Gardens (34.2%), The Greens (33.6%), Palm Jumeirah (30.3%), and The Views (30%).
Off-Plan vs. Ready Homes
Off-Plan: Oqood (contract) registrations for off-plan homes increased by 3.4% monthly and 46.4% annually, accounting for nearly three-quarters of all home sales in August.
Ready Homes: The volume of ready secondary-home transactions decreased by 15.8% monthly but remained 10.2% higher than the same period last year.
For a detailed perspective on the property market, visit: Dubai - VPI Residential Capital Values - August 2024
