The average Dubai villa valuation per square foot surpassed AED2,000 for the first time in ten years, the report said
The ValuStrat Price Index for Dubai’s residential capital values reached 170.8 points in April 2024, marking a 26.1 per cent annual increase and a 2 per cent monthly rise.
Villas topped the previous market peak by 25.6 per cent, with the villa index hitting 216 points, while apartments stood at 141.4 points.
The report said that the average villa valuation per square foot surpassed AED2,000 for the first time in ten years, adding that since the pandemic period, villas in Dubai have more than doubled in value, and apartments are almost one and a half times more expensive.
Off-plan home sales increased by 76.4 per cent annually but declined 9.4 per cent month-on-month, with 7,387 transactions.
The volume of ready-home sales grew 9.5 per cent year-on-year but fell 24.2 per cent since March, representing 30 per cent of total residential unit sales.
Emaar led developer sales with 19.8 per cent market share, followed by Binghatti (8.8 per cent), Damac (8.4 per cent), Sobha (5 per cent), and Danube (4.1 per cent).
Popular neighbourhoods in Dubai
Top off-plan locations included Jumeirah Village Circle, Zabeel First, Business Bay, and Ras Al Khor. Popular areas for ready homes were Jumeirah Village Circle, Business Bay, Dubai Marina, Downtown Dubai, and International City.
Apartment prices increased by 1.6 per cent monthly, with an annual growth of 21.3 per cent. Villas saw a 2.4 per cent monthly and 31.2 per cent yearly capital gain.
Palm Jumeirah villas recorded the highest annual appreciation at 40.1 per cent, while Discovery Gardens apartments led with 33.4 per cent gains.
For a detailed perspective on the property market, visit: Dubai - VPI Residential Capital Values - April 2024
