Dubai’s prime property market saw an impressive 24 transactions exceeding AED30 million ($8.2 million) in November 2024, according to the latest report from ValuStrat. This surge in high-value sales highlights the continued demand for luxury real estate in the city. However, annual capital gains in Dubai have also reached 31.9 percent for villas and 23.9 percent for apartments. Notably, The Greens has joined Palm Jumeirah in surpassing decade-long price peaks. Despite these gains, monthly growth is showing signs of softening, indicating an overall decline in monthly sales.
In November 2024, the ValuStrat Price Index increased by 1.8 percent month-over-month, reaching 197.3 points. This marks a slight slowdown from October’s 1.9 percent growth and represents the third consecutive month of softening since August. On an annual basis, the VPI rose by 27.9 percent. Villa values hit 253.7 points, while apartments logged 160.5 points, both based on a benchmark of 100 points from January 2021.
Top developers and locations
In November 2024, Emaar (14.7 percent), Damac (7.6 percent), Sobha (6.5 percent), Binghatti (5.9 percent), and Tiger Properties (4.6 percent) led the developer sales rankings. The top off-plan locations for transactions included projects in Jumeirah Village Circle (13.1 percent), Jumeirah Village Triangle (8.5 percent), Business Bay (5.4 percent), and Dubailand Residence Complex (5.1 percent). Meanwhile, the majority of ready homes sold were situated in Jumeirah Village Circle (10.2 percent), Dubai Marina (5.9 percent), Business Bay (5.1 percent), Downtown Dubai (4.7 percent), and Uptown Motor City (4.1 percent). This month, Dubailand Residence Complex achieved a new record for the highest number of ready homes traded in a single month.
Read more: Dubai’s residential market sees 11.4 percent annual growth: ValuStrat
Apartments vs villas
Monthly capital gains for villas were recorded at 2.1 percent, with a substantial annual increase of 31.9 percent. Noteworthy top performers for the year include villas in highly desirable areas such as Palm Jumeirah (42.5 percent), Jumeirah Islands (42.4 percent), which has now more than tripled in value since the beginning of 2021, Emirates Hills (32.7 percent), and Dubai Hills Estate (32.2 percent). In contrast, the lowest gains were observed in Mudon (15.1 percent) and Jumeirah Village Triangle (20.4 percent), with Mudon maintaining relative stability for the third consecutive month.
Apartment prices rose by 1.6 percent monthly, resulting in an annual growth of 23.9 percent. Areas with the highest capital gains for apartments compared to the previous year include The Greens (31.6 percent), Palm Jumeirah (29 percent), Discovery Gardens (28.5 percent), and The Views (27.6 percent). The smallest capital value gains were noted in International City (16.6 percent) and Dubai Sports City (17.2 percent).
Off-plan vs ready homes
Oqood (contract) registrations for off-plan homes experienced a decline of 41.9 percent month-over-month but were still up by 76.5 percent compared to November of last year, accounting for 64 percent of all home sales this month. The volume of ready secondary-home transactions also fell by 8.9 percent monthly but showed a 3.2 percent increase annually.
