Dubai villa prices rose by 2.1% in December, achieving an annual increase of 31.6%
Top off-plan locations transacted included projects in Jumeirah Village Circle (13.1%), Business Bay (10.2%), and Dubailand Residence Complex (5.7%).
Dubai’s residential real estate market recorded a 27.5% annual increase in capital values in 2024, according to the ValuStrat Price Index (VPI). The index has now doubled compared to its level during the pandemic.
In December 2024, the VPI stood at 200.7 points, a 1.7% rise from November. This marked the fourth consecutive month of decelerating growth.
Villa values reached 259 points, while apartment values were at 162.8 points.
Villa prices in Dubai rise 31.6% in 2024
Villa prices rose by 2.1% in December, achieving an annual increase of 31.6%. Jumeirah Islands (42.5%), Palm Jumeirah (42.3%), and Emirates Hills (32.3%) were the top performers.
The lowest gains were reported in Mudon (13.5%) and Jumeirah Village Triangle (21.5%).
Apartment prices grew by 1.4% month-on-month and 23.6% year-on-year. The Greens recorded the highest annual increase at 31%, followed by Palm Jumeirah (28.3%) and The Views (27.1%).
Lower annual gains were seen in International City (16.9%) and Dubai Sports City (18.1%).
Off-plan sales dominate Dubai’s December 2024 real estate market
Oqood registrations for off-plan properties grew by 26.3% from November and 513.8% compared to December 2023, making up 71.1% of monthly home sales.
Ready home transactions dropped by 8.7% month-on-month and 3.4% year-on-year.
The report highlighted 29 transactions for properties priced over AED 30 million. These properties were located in areas such as Palm Jumeirah, Emirates Hills, and Business Bay.
Emaar tops developer sales in Dubai real estate market in December 2024
Emaar led the developer sales chart in December with a 12.8% market share, followed by Damac (8.1%) and Binghatti (7.6%). Jumeirah Village Circle accounted for the largest share of off-plan transactions (13.1%), while ready homes were most frequently sold in Jumeirah Village Circle (9.1%) and Dubai Marina (6.6%).
The weighted average value per square foot across the residential market was AED 1,448, while the weighted average capital value stood at AED 3,079,716.
Villas had a weighted average value per square foot of AED 1,294, and apartments averaged AED 2,442.
For a detailed perspective on the property market, visit: Dubai - VPI Residential Capital Values -December 2024
