Capital gains exceeded projected estimates for residential properties in Dubai
Dubai’s residential property capital gains accounted for an average of 27.5% YoY, surpassing initial forecasts.
In 2024, the ValuStrat Price Index (VPI) increased by 1.7% month-on-month, reaching 200.7 points. Villa values climbed to 259 points; in contrast, apartments reached 162.8 points, all benchmarked to a base of 100 points in January 2021.
Apartments vs Villas
Monthly capital gains for villas were at 2.1%; the annual capital gains were 31.6% since last year.
The most in-demand areas for villas include –
- Jumeirah Islands (42.5%)
- Palm Jumeirah (42.3%)
- Emirates Hills (32.3%)
- Dubai Hills Estate (32.1%)
The lowest gains were witnessed in areas like –
- Mudon (13.5%)
- Jumeirah Village Triangle (21.5%)
Apartment prices increased by 1.4% month-on-month, accomplishing an annual growth of 23.6%.
Areas with the highest yearly capital gains include –
- The Greens (31%)
- Palm Jumeirah (28.3%)
- The Views (27.1%)
- Town Square (26.4%)
- Discovery Gardens (26.4%)
Areas with the lowest capital value increases were –
- International City (16.9%)
- Dubai Sports City (18.1%)
Off-plan vs. Ready-to-move-in Homes
Oqood (contract) registrations for off-plan residential units increased 26.3% monthly and 513.8% annually, indicating 71.1% of all home sales. A total of 29 transactions were recorded for ready-to-move-in properties priced over AED 30 million in the following neighborhoods –
- Blue Waters Island
- Palm Jumeirah
- Emirates Hills
- Jumeirah Bay Island
- Downtown Dubai
- Business Bay
- District One
Most sought-after locations for off-plan properties were –
- Jumeirah Village Circle (13.1%)
- Business Bay (10.2%)
- Dubailand Residence Complex (5.7%)
Most ready homes sold were located in the following areas –
- Jumeirah Village Circle (9.1%)
- Dubai Marina (6.6%)
- Business Bay (6.1%)
- Downtown Dubai (4.8%)
- Jumeirah Lake Towers (2.9%)
Dubai witnessed over 168,000 residential transactions across freehold markets. In 2024, a total of 114,480 off-plan units were sold, and 142,000 residential units were launched across Dubai.
