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Real estate hotspots: Ajman, Sharjah, and RAK.

Dubai's apartment prices have experienced the most significant annual capital growth in a decade, as per the ValuStrat Price Index (VPI) released on Wednesday. Affordability concerns are aligning apartment capital gains with those of villas, despite overall residential property valuations showing growth in January.

The VPI, designed to depict the fluctuations in capital and rental values over time, recorded a monthly average increase of 2% and an annual surge of 21.5%, reaching 160.6 points. In comparison, apartments were at 134 points, and villas were at 201.4 points, relative to the set 100 points in January 2021 and the peak of 172.5 points in 2014.

Apartment capital gains rose by 1.8% monthly and 17% annually, outperforming the previous year. Notable annual performances were seen in Discovery Gardens (28.5%), Palm Jumeirah (26.5%), The Greens (26.2%), Al Quoz Fourth (20.9%), Dubailand Residence Complex (20.6%), and Dubai Production City (20.5%). Villa capital gains were 2.4% monthly and 26.4% annually, with top-performing properties in Jumeirah Islands (34.2%), Palm Jumeirah (33.8%), Dubai Hills Estate (31.9%), and Mudon (28.4%).

Off-plan Oqood (contract) registrations increased by 10.4% annually and 284.9% monthly, particularly in Dubai Hills Estate, Business Bay, Dubai Maritime City, and Jumeirah Village Circle. Ready-to-move-in properties priced over Dh30 million saw 22 transactions in January 2024, located in Dubai Hills Estate, Bluewaters Island, Palm Jumeirah, Jumeirah Bay Island, Emirates Hills, and Jumeirah Golf Estates.

Emaar (14.9%), Damac (10.8%), Nakheel (5.2%), and Select Group (3.5%) led overall sales in January. Off-plan popularity centered on projects in Dubai Hills Estate (5.5%), Business Bay (8.8%), Dubai Maritime City (9%), and Jumeirah Village Circle (13.5%). Completed residences were predominantly sold in Jumeirah Village Circle (10.3%), Business Bay (10%), International City (6.5%), Dubai Marina (5.6%), and Downtown Dubai (5%).

March 5, 2024 1:36 p.m. 7882

#breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn #DubaiRealEstate #PropertyMarket #ValuStratIndex #CapitalGrowth #ApartmentPrices #VillaValues #RealEstateTrends #PropertyPerformance #OffPlanSales #ResidentialProperties

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