ValuStrat, which specializes in real estate consulting and research, revealed that the average price per square foot of a villa in Dubai exceeded 2,000 dirhams for the first time in ten years.
ValuStrat added in its report for April 2024, that the VPI (ValuStrat Price Index) reached 170.8 points in April, recording an annual increase of 26.1%, with a monthly increase of 2%, and the points of villas reached 216 points, while the points of Apartments 141.4 points, compared to the baseline of 100 points set in January 2021. This means that since the pandemic period, the value of villas in Dubai has doubled, while apartments have become approximately one and a half times more expensive.
The report continued: “On a monthly basis, apartment prices increased by 1.6%, while recording an annual growth of 21.3%. Among the areas that achieved the highest gains for apartments compared to last year, Discovery Gardens came in the lead (33.4%), and The Greens (31.4%). , Palm Jumeirah (29.9%), The Views (27.1%), and Al Quoz Fourth (26.5%).”
Villa gains reached 2.4% compared to March and 31.2% since last year.
It is worth noting that the best annual performance for villas came in highly sought-after areas such as Palm Jumeirah (40.1%), Jumeirah Islands (39.5%), Dubai Hills Estate (36.2%), Green Community West (31.4%), and Emirates Hills (31.1%).
Under construction
The report stated that contract registrations on the map increased by 76.4% on an annual basis. Meanwhile, the transaction volume of prefabricated homes has increased by 9.5% since last year. The report added that 27 deals were completed for ready properties whose price exceeded 30 million dirhams in April, located in Palm Jumeirah, Arabian Ranches, Jumeirah Bay, Emirates Hills, and Downtown Dubai.
During April 2024, Emaar (19.8%), Binghatti (8.8%), Damac (8.4%), Sobha (5%), and Danube (4.1%) topped overall developer sales.
The most important locations that recorded transactions on the map included projects in Jumeirah Village Circle (16.9%), Zabeel First (14.2%), Business Bay (5.3%), and Ras Al Khor (5.2%).
Meanwhile, the majority of prefabricated homes sold were in Jumeirah Village Circle (8.7%), Business Bay (7.3%), Dubai Marina (6.5%), Downtown Dubai (5.7%), and International City (4.9%).
Prices
According to the report, the Palm Jumeirah area still has the highest average price per square foot for villas at 5,000 dirhams per square foot, an increase of 40% on an annual basis, while the average price of a standard villa in the region reaches 25 million dirhams, and the Emirates Hills area came second with an average price. 3,770 dirhams per square foot, while the average price of a standard villa is 64 million dirhams, and third is the Dubai Hills Estate area, with an average price of 2,268 dirhams per square foot, while the average price of a standard villa in the region reaches 113 million.
Highest average
The report data showed that the Burj Khalifa area still has the highest average price per square foot for apartments at 3,155 dirhams per square foot, while the average price of a standard apartment in the region reaches 2.9 million dirhams, and the Downtown Dubai area came second with an average price of 2,005 dirhams per square foot. The average price of a standard apartment reached 1.6 million dirhams, and third is the Palm Jumeirah area, with an average price of 1,835 dirhams per square foot, while the average price of a standard apartment in the region reaches 3.1 million.
For a detailed perspective on the property market, visit: Dubai - VPI Residential Capital Values - April 2024
