Industry

Dubai villa prices in prime locations surge twofold within three years

By Maryam Pervez March 21, 2024 2 min read

According to recent data, villa prices in sought-after areas of Dubai have more than doubled in value over the past three years, while apartment prices have increased by just over a third on average.

The ValuStrat Price Index (VPI) for February recorded a significant increase, with villas reaching 206.1 points and apartments reaching 136.6 points, compared to the base of 100 points set in January 2021. The VPI reflects changes in capital and rental values for typical residential and commercial properties in Dubai, updated monthly for capital values and quarterly for rental values.

In the emirate, apartment prices surged by 1.9% monthly and soared by a record 18.6% annually. The highest annual capital growth for apartments was observed in Discovery Gardens (30.7%), The Greens (27.9%), Palm Jumeirah (27.4%), Town Square (23%), and Dubai Production City (22.9%).

Meanwhile, villa capital gains increased by 2.4% compared to January and rose by 28% year-on-year. The top annual performers for villas were in sought-after areas such as Jumeirah Islands (36.1%), Palm Jumeirah (35.1%), Dubai Hills Estate (33.6%), and Mudon (29.6%).

Off-plan Oqood (contract) registrations surged by 32.6% annually and 5.7% monthly. Ready home transaction volumes increased by 30.5% annually and 9% monthly, making up 36.9% of overall residential sales for the month.

In February, there were 20 transactions of ready properties priced over Dh30 million, located in Emirates Hills, Palm Jumeirah, District One, Jumeirah Bay Island, and Dubai Hills Estate.

Topping the sales charts overall this month were properties developed by Emaar (13.3 percent), Damac (9.9 percent), Danube (7.6 percent), and Sobha (5.7 percent). Top off-plan locations transacted included projects located in Jumeirah Village Circle (11.8 percent), Dubai Maritime City (11.4 percent), Business Bay (6.4 percent), and Bu Kadra (4.5 percent). The majority of ready homes sold were in Jumeirah Village Circle (9 percent), Business Bay (7.2 percent), Dubai Marina (5.9 percent), Downtown Dubai (5.8 percent), and Dubai Hills Estate (5.1 percent).

Written by Maryam Pervez

Maryam is the Managing Editor at HiDubai, bringing 8+ years of expertise in marketing, social media, and content development. She holds a Master's degree in Marketing Comms from Middlesex University.