Record Growth in Dubai Real Estate Market
The ValuStrat Price Index (VPI) soared to 164.1 points in February, marking a significant 23.1% annual increase.
Dubai’s coveted villa properties have experienced a staggering doubling in value over three years, while apartment prices have risen by over a third on average, according to recent data.
The VPI, serving as a benchmark for residential and commercial property values, hit 206.1 points for villas and 136.6 points for apartments, compared to a base of 100 points set in January 2021.
Notably, apartment prices surged by 1.9% monthly and a remarkable 18.6% annually. Among the top performers in this segment are Discovery Gardens (30.7% growth), The Greens (27.9%), and Palm Jumeirah (27.4%).
Meanwhile, villa capital gains spiked by 2.4% compared to January and a whopping 28% since last year, with Jumeirah Islands (36.1% growth) and Palm Jumeirah (35.1%) leading the pack.
Furthermore, off-plan Oqood registrations witnessed a 32.6% annual increase and a 5.7% monthly surge, while ready home transaction volumes grew by 30.5% annually and 9% monthly, accounting for 36.9% of overall residential sales.
February’s market highlights include 20 transactions of ready properties priced over Dh30 million, with notable sales in Emirates Hills, Palm Jumeirah, and District One.
Emaar, Damac, and Danube emerged as the top developers in terms of sales, with projects in Jumeirah Village Circle, Dubai Maritime City, and Business Bay dominating the off-plan market.
The majority of ready homes sold were concentrated in Jumeirah Village Circle, Business Bay, and Dubai Marina, signaling robust activity in these areas.