Key Transactions and Trends

According to ValuStrat, Dubai’s prime real estate sector witnessed 24 transactions exceeding AED 30 million ($8.2 million) in November 2024. This surge underscores the city’s continued demand for luxury properties. Meanwhile, annual capital gains reached 23.9% for apartments and 31.9% for villas. Notably, The Greens has surpassed decade-long price peaks, joining Palm Jumeirah among the top-performing locations. However, the pace of monthly growth has slowed, signaling a potential dip in sales momentum.

ValuStrat Price Index (VPI)

• The ValuStrat Price Index rose 1.8% in November to 197.3 points, reflecting a deceleration from October’s 1.9% growth.
• Annually, the VPI climbed 27.9%, with villa prices reaching 253.7 points and apartment prices at 160.5 points (baseline: January 2021, 100 points).

Top Developers and Locations

• Leading Developers:
  • Emaar (14.7%)
  • Damac (7.6%)
  • Sobha (6.5%)
  • Binghatti (5.9%)
  • Tiger Properties (4.6%)
• Popular Off-Plan Destinations:
  • Jumeirah Village Circle (13.1%)
  • Jumeirah Village Triangle (8.5%)
  • Business Bay (5.4%)
  • Dubailand Residence Complex (5.1%)
• Top Ready-to-Sell Areas:
  • Jumeirah Village Circle (10.2%)
  • Dubai Marina (5.9%)
  • Business Bay (5.1%)
  • Downtown Dubai (4.7%)
  • Uptown Motor City (4.1%)

Dubailand Residence Complex set a record for the highest monthly sales of ready residences.

Performance of Villas and Apartments

• Villas:

  • Monthly capital gains: 2.1%
  • Annual growth: 31.9%
  • Top Performers:
    • Palm Jumeirah (42.5%)
    • Jumeirah Islands (42.4%)
    • Emirates Hills (32.7%)
    • Dubai Hills Estate (32.2%)
  • Modest Gains:
    • Mudon (15.1%)
    • Jumeirah Village Triangle (20.4%)

• Apartments:

  • Monthly capital gains: 1.6%
  • Annual growth: 23.9%
  • Top Performers:
    • The Greens (31.6%)
    • Palm Jumeirah (29%)
    • Discovery Gardens (28.5%)
    • The Views (27.6%)
  • Lowest Gains:
    • Dubai Sports City (17.2%)
    • International City (16.6%)

Off-Plan vs. Ready Homes

• Off-Plan Sales:
  • Accounted for 64% of all sales, marking a 41.9% monthly decrease but a 76.5% annual increase.
• Ready Homes:
  • Annual growth: 3.2%
  • Monthly decrease: 8.9%

Dubai’s real estate market continues to show strong annual performance, particularly in the luxury segment, despite a gradual cooling in monthly growth rates.

Source: Propertynews