Dubai real estate: Property market continues strong growth in July 2024

Dubai’s residential property market showed robust growth in July 2024, according to the latest ValuStrat Price Index (VPI) report.

The VPI grew 2.2 percent monthly to reach 178.2 points, representing a 28.5 percent annual increase.

Villas outperformed apartments, with the villa sub-index achieving 232.1 points compared to 149.6 points for apartments. Both figures are measured against a baseline of 100 points established in January 2021.

Dubai property prices surge 28.5 percent in July 2024

“Three quarters of all established freehold villa communities in Dubai are now worth more than twice their value from four years ago. However, in the apartment sub-market only units in Palm Jumeirah have seen their prices double,” the report said.

The report highlighted significant annual capital gains in specific areas. For apartments, Discovery Gardens led with 34.6 percent growth, followed by The Greens at 34.1 percent. In the villa segment, Palm Jumeirah saw a 42.9 percent increase, with Jumeirah Islands close behind at 42.7 percent.

Off-plan sales surged, with Oqood (contract) registrations for off-plan homes increasing 59.6 percent annually and 40.6 percent monthly. Off-plan deals accounted for a record 68.5 percent of all sales.

Emaar Properties PJSC dominated the developer sales charts with a 20.3 percent market share, followed by Damac Properties at 7.2 percent.

The report also noted record-breaking transactions in certain areas, with Dubai Hills Estate and Dubailand Residence Complex seeing their highest number of off-plan homes traded in a single month.

Source: Arabian Business