Annual prices in Dubai’s villa communities rose 17.1% year-on-year (YoY) and 1.1% quarter-on-quarter (QoQ) in March 2023, real estate consultancy ValuStrat said in its latest capital values report.

Emirates Hills and Jumeirah Islands were the top villa communities, registering annual increases of 21.1% each, followed by Arabian Ranches (19.4%) and Jumeirah Park (17.9%).

On the apartment side, prices rose 6.6% annually and a mere 0.1% QoQ. Palm Jumeirah and Jumeirah Beach Residence registered double-digit growth at 15.6% and 11.2% YoY in March.

However, communities witnessing little or no change in annual apartment prices were Jumeirah Village, Remraam, Dubai Sports City, Dubai Production City and Dubai Silicon Oasis.

Overall, residential sales in March grew 46.9% YoY and 37.6% QoQ.

Off-plan Oqood (contract) registrations jumped 44% QoQ and 101.3% YoY, reflecting a majority share of 58.9% of overall home sales in March.

Ready property sales were up 29.5% QoQ and 5.9% YoY, the report said.

A total of 27 sales of ready properties priced over AED 30 million were reported across Palm Jumeirah, Al Barari, Emirates Hills, Jumeirah Golf Estates, and Business Bay.

Jumeirah Village topped the off-plan sales areas, followed by Dubai Creek Harbour, Business Bay, Dubai Hills Estate and Arjan.
Meanwhile, most ready homes were sold in Jumeirah Village, followed by Dubai Marina, Business Bay, International City and Palm Jumeirah.

Dubai Silicon Oasis, Jumeirah Village and Dubailand Residence Complex reported the highest sales transactions in one month during March, pointing to a possible shift in buyer demand towards the mid-to-affordable areas, the report added.