Capital values of villas in Dubai grew at a moderate monthly rate of 1.7 percent in June; this is in contrast to last year when they increased by an average of 2.3 percent each month, according to a new report released by the real estate consulting firm ValuStrat.
Mudon and Dubai Hills Estate observed the lowest price increments of 0.9 percent and 1.1 percent respectively.
On an annual basis, average villa prices are 32.2 percent higher. The top performers were Arabian Ranches (38.8 percent), Jumeirah Islands (36.6 percent), The Lakes (34 percent), and The Meadows (33 percent).
Data show that apartments in Dubai averaged a more modest 8 percent in annual capital gains. Best performances with double-digit annual growth were registered in Palm Jumeirah (19.6 percent), the Burj Khalifa tower (18.1 percent), and Jumeirah Beach Residence (14.8 percent).
The lowest annual price growth was seen in Dubai Production City (0.5 percent), Discovery Gardens (0.8 percent), and Motor City (1.5 percent).
Dubai Sports City saw no change in home prices when compared to the same period last year. On the other hand, Dubai’s volume of home sales soared 41.6 percent in June as compared to May, and was 38 percent higher than the same period last year.
According to ValuStrat, the monthly performance saw sales of ready properties rise 46.7 percent and off-plan Oqood (contract) registrations increase 35.5 percent, the latter representing 43 percent of overall transactions.
June 2022 saw a record-breaking 29 transactions valued at over 30 million dirhams.
Topping the sales charts overall were properties developed by Emaar (19.7 percent), Damac (12.6 percent), Nakheel (8 percent), Azizi (3.6 percent), and Dubai Properties (3.3 percent).
Moreover, findings reveal that the top off-plan locations transacted this month included projects located in Downtown Dubai (19.8 percent), Dubai Creek Harbour (8.9 percent), Business Bay (8 percent), Al-Jadaf (7.1 percent), and Jumeirah Village (7 percent).
The analysis further observed that the majority of ready homes sold were in Damac Lagoons (11.3 percent), Dubai Marina (7.3 percent), Jumeirah village (6.3 percent), and Al Furjan (5 percent). Jumeirah Park saw 95 ready homes sold during June, its highest recorded month ever.