Scotland Times

Thursday, Nov 21, 2024

Dubai real estate: Villa communities double in price, cross 2014 peaks

Dubai real estate: Villa communities double in price, cross 2014 peaks

Dubai's real estate market, especially in villa communities, has seen a remarkable resurgence, with valuations more than doubling since the pandemic, surpassing 2014 peaks.

The ValuStrat Price Index (VPI) reports that villa prices in areas like Jumeirah Islands, Palm Jumeirah, Dubai Hills Estate, and Mudon have seen significant annual growth. The overall market has grown 2.4 percent monthly and 16.8 percent annually.

While the apartment market is also experiencing growth, it remains below previous highs. Top-performing apartment areas include Palm Jumeirah and Discovery Gardens, with notable annual capital growth.

In contrast, the off-plan property market has declined in contract registrations, but ready home sales have increased, with a surge in high-value transactions in areas like Palm Jumeirah and Emirates Hills.

Leading real estate developers like Emaar, Damac, Nakheel, and Azizi are dominating sales, with Emaar making up a significant portion of overall sales. The market rebound is evident in both off-plan and ready home sales, with Jumeirah Village Circle and Downtown Dubai being key locations for transactions.

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