Villas outperformed apartments, with the villa sub-index achieving 232.1 points compared to 149.6 points for apartments in Dubai, the report said
Dubai’s residential property market showed robust growth in July 2024, according to the latest ValuStrat Price Index (VPI) report.
The VPI grew 2.2 per cent monthly to reach 178.2 points, representing a 28.5 per cent annual increase.
Villas outperformed apartments, with the villa sub-index achieving 232.1 points compared to 149.6 points for apartments. Both figures are measured against a baseline of 100 points established in January 2021.
Dubai property prices surge 28.5 per cent in July 2024
“Three-quarters of all established freehold villa communities in Dubai are now worth more than twice their value from four years ago. However, in the apartment sub-market, only units in Palm Jumeirah have seen their prices double,” the report said.
The report highlighted significant annual capital gains in specific areas. Discovery Gardens led with 34.6 per cent growth for apartments, followed by The Greens at 34.1 per cent. In the villa segment, Palm Jumeirah saw a 42.9 per cent increase, with Jumeirah Islands close behind at 42.7 per cent.
Off-plan sales surged, with Oqood (contract) registrations for off-plan homes increasing 59.6 per cent annually and 40.6 per cent monthly. Off-plan deals accounted for a record 68.5 per cent of all sales.
Emaar Properties PJSC dominated the developer sales charts with a 20.3 per cent market share, followed by Damac Properties at 7.2 per cent.
The report also noted record-breaking transactions in certain areas, with Dubai Hills Estate and Dubailand Residence Complex seeing their highest number of off-plan homes traded in a single month.
For a detailed perspective on the property market, visit: Dubai - VPI Residential Capital Values - July 2024
