Dubai Residential Capital Values - September 2024

Dubai villa market has exceeded market peaks of 2021 by 143%

– According to the ValuStrat Index (VPI)

Compared to August 2024, VPI rose by 2.1%: 

Villas – VPI rose by 2.3%

Apartments – VPI rose by 1.9%

Compared to September 2023, VPI rose by 28.9%: 

Villas – VPI rose by 33.1%

Apartments – VPI rose by 24.8%

Sales Volume

Ready – volume increased by 19%

Off-plan – volume increased 254.2%

Areas with the highest annual capital gains:

Villas

• Palm Jumeirah – 42.8%
• Jumeirah Islands – 42.3%
• Dubai Hills Estate – 35.3%
• Emirates Hills – 33.8%
• Victory Heights – 31.4% 

Apartments

• Discovery Gardens – 33,5%
• The Greens – 33%
• Palm Jumeirah – 30.9%
• Al Quoz Fourth – 29.5%
• The Views – 29.2% 

TOP 5 developers by sales in September: 

• Emaar – 18.8%
• DAMAC – 14.7%
• Sobha – 7.4%
• Azizi – 5%
• Binghatti – 2.9%

Q3 2024 Real Estate Market Results

Compared to Q3 2023, sales volume reached record highs:

• Ready Properties – 12,883 Transactions, – volume increased by 19.4%
• Off-plan Properties – 32,968 Transactions, – volume increased by 97%

The market shifted towards affordable apartments. 2 out 5 ready home sales were worth less than $272,000. Average sales prices per m² softened for the first time this year.

Annual VPI growth – 28.9%. VPI in Q3 2024, compared to Q2 2024:

Villas – VPI rose by 7.4%

Apartments – VPI rose by 6%

98% of villas have doubled in value since 2020. Ready villa and townhouse prices saw a 33.1% annual rise.

Over the year, asking rents for:

Villas – rose by 4.9%

Apartments – rose by 15.4%