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Apartment prices in Dubai have witnessed their highest annual capital growth in a decade, the ValuStrat Price Index (VPI) showed. However, capital gains from apartments are catching up with those of villas, mainly due to affordability constraints.
The report has indicated that prices in the apartment market increased by 1.8% month-on-month and 17% year-on-year in January 2024.
The best indicators of apartment price growth compared to the same period last year were recorded in Discovery Gardens (+28.5%), Palm Jumeirah (+26.5%), The Greens (+26.2%), Al Quoz Fourth (+ 20.9%), Dubailand Residence Complex (+20.6%) and Dubai Production City (+20.5%).
The increase in prices for villas was 2.3% compared to December last year and 26.4% compared to January 2023.
The leaders of the annual indicators were villas in Jumeirah Islands (+34.2%), Palm Jumeirah (+33.8%), Dubai Hills Estate (+31.9%) and Mudon (+28.4%).
Off-plan Oqood (contract) registrations have risen by 10.4% year-on-year and rebounded 284.9% month-on-month after a weaker December.
The volume of completed housing transactions has decreased by 14.3% month-on-month, but was still 22.4% higher than the previous year.
There were 22 completed property transactions worth more than 30 million dirhams ($8.17 million) in January 2024,. These properties are located in Palm Jumeirah, District One, Jumeirah Bay Island, Emirates Hills, Jumeirah Golf Estates, Bluewaters Island and Dubai Hills Estate.
The overall sales ranking last month was led by properties developed by Emaar (14.9%), Damac (10.8%), Nakheel (5.2%) and Select Group (3.5%).
Top off-plan locations transacted last month included projects located in Jumeirah Village Circle (13.5%), Dubai Maritime City (9%), Business Bay (8.8%) and Dubai Hills Estate (5.5%). The majority of completed housing units sold were in Jumeirah Village Circle (10.3%), Business Bay (10%), International City (6.5%), Dubai Marina (5.6%) and Downtown Dubai (5%).
Source: Khaleej Times
Photo by Mohammed Nasim on Unsplash
