A recent report by ValuStrat reveals continued resilience and expansion within Dubai’s residential real estate market. The Dubai Residential Capital Values Price Index (VPI) demonstrated a significant annual increase of 23.1%, reaching 164.1 points in February 2024. This growth is attributed to sustained demand and strong investor confidence in the emirate’s property sector.
The report highlights a notable trend in the luxury villa segment, with capital gains reaching an impressive 28% year-on-year. Particularly sought-after areas like Jumeirah Islands and Palm Jumeirah witnessed even higher growth rates, exceeding 35%.
The apartment submarket also experienced significant growth, with average annual price increases of 18.6%. Areas like Discovery Gardens and The Greens saw exceptional performance, boasting year-on-year capital growth rates exceeding 27%.
The report further underscores robust transactional activity within the market. In February alone, 20 ready properties exceeding AED 30 million were transacted, with major developers like Emaar, Damac, Danube, and Sobha contributing significantly.
The off-plan segment also exhibited resilience, with Oqood (contract) registrations experiencing a noteworthy annual increase of 32.6%.
Overall, the findings from ValuStrat’s report paint a picture of a thriving Dubai residential real estate market, driven by strong investor confidence in the city’s long-term prospects
Publish March 29, 2024
Source: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-property-boom-continues-as-luxury-home-demand-skyrockets-says-new-report/
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