Dubai’s prime property market recorded 24 transactions exceeding $8.2 million in November 2024, according to a report.

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

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