Dubai residential capital values rose according to VPI

Dubai residential capital values rose in August 2023 according to the ValuStrat Index (VPI)

Dubai villa market has exceeded market peaks of 2014

Compared to July 2023, VPI went up by 1.9%:

• For Villas rose by 2.4%
• For Apartments increased by 1.5%

Compared to August 2022, VPI went up by 13.8%:

• For Villas increased by 17.1%
• For Apartments rose by 10%

Areas with the highest annual capital gains:

Villas:

• Jumeirah Islands – 24.2%
• Palm Jumeirah – 22.1%
• Dubai Hills Estate – 22%

Apartments:

• Palm Jumeirah – 19.3%
• The Greens – 14.7%
• Discovery Gardens – 14.1%

Rental prices continued to rise in August 2023 according to the global commercial real estate services, CBRE

Average annual rents rose by 21.7% from August 2022:

• Apartments went up by 21.5%
• Villas increased by 22.6%

In August 2023, the average annual rental prices are:

• Apartments – $29,100
• Villas – $88,000

Leading areas in terms of the highest rental prices:

• Apartments – Palm Jumeirah ($70,000)
• Villas – Al Barari ($301,700)