According to ValuStrat’s Dubai report for November, the Greens joined Palm Jumeirah in crossing decade-long price peaks.
In November 2024, the ValuStrat Price Index rose by 1.8 per cent monthly to 197.3 points, a slight slowdown from October’s 1.9 per cent growth, softening for the third time since August. Annually, the VPI increased by 27.9 per cent. Villa values reached 253.7 points, while apartments recorded 160.5 points, both benchmarked to a base of 100 points in January 2021.
The ValuStrat Price Index or the VPI is a valuation-based price index constructed to represent periodic change in capital values and rental values experienced by typical residential and commercial properties.
Apartments vs villas
Villa monthly capital gains were at 2.1 per cent, and 31.9 per cent since last year. Notably, top annual performers include villas in highly sought after areas like Palm Jumeirah (42.5 per cent), Jumeirah Islands (42.4 per cent) which is now more than triple its value at the start of 2021, Emirates Hills (32.7 per cent), and Dubai Hills Estate (32.2 per cent). The lowest gains were seen in Mudon (15.1 per cent) and Jumeirah Village Triangle (20.4 per cent), with Mudon remaining relatively stable for the third consecutive month. Apartment prices rose by 1.6 per cent monthly, with an annual growth of 23.9 per cent.
Among the areas with the highest apartment capital gains compared to last year were The Greens (31.6 per cent), Palm Jumeirah (29 per cent), Discovery Gardens (28.5 per cent), and The Views (27.6 per cent). Least capital value gains were found in International City (16.6 per cent) and Dubai Sports City (17.2 per cent).
Off-plan vs ready homes
Oqood (contract) registrations for off-plan homes dropped 41.9 per cent monthly but were still 76.5 per cent higher than November last year, representing 64 per cent of all home sales this month. The volume of ready secondary-home transactions also declined by 8.9 per cent monthly but were up 3.2 per cent annually.
Prime home sales
There were 24 transactions for ready properties priced over Dh30 million, situated in Palm Jumeirah, Emirates Hills, Jumeirah Bay Island, Al Barari, Dubai Hills Estate, and District One. .Top Developers and Locations November 2024 saw Emaar (14.7 per cent), Damac (7.6 per cent), Sobha (6.5 per cent), Binghatti (5.9 per cent), and Tiger Properties (4.6 per cent) lead the developer sales charts overall.
Top off-plan locations transacted included projects in Jumeirah Village Circle (13.1 per cent), Jumeirah Village Triangle (8.5 per cent), Business Bay (5.4 per cent), and Dubailand Residence Complex (5.1 per cent).
Meanwhile, most ready homes sold were located in Jumeirah Village Circle (10.2 per cent), Dubai Marina (5.9 per cent), Business Bay (5.1 per cent), Downtown Dubai (4.7 per cent), and Uptown Motor City (4.1 per cent). Last month, Dubailand Residence Complex broke its individual record with the highest number of ready homes traded in one month.
For a detailed perspective on the property market, visit: Dubai - VPI Residential Capital Values -November 2024
