Dubai's Ready Home Prices Rise Despite Slower Sales, Reflecting Market Resilience

Property consultancy firm ValuStrat reported that despite a downturn in ready home transactions during June 2024, capital values for ready homes in Dubai continued to rise. The firm highlighted that every developed community of freehold villas exceeded their 2014 peak capital values, with the average valuation surpassing 10 million UAE dirhams ($2.72 million).

In the apartment segment, prices saw a 1.9% increase month-over-month and a substantial 23.4% rise year-over-year (YoY). Notably, areas like The Greens (33.7%), Palm Jumeirah (31.1%), Discovery Gardens (34.5%), and The Views (29.7%) recorded the highest annual gains in apartment capital values.

For villas, June witnessed a 2.4% increase in capital values compared to the previous month and a remarkable 33.4% YoY gain. Palm Jumeirah emerged as the top performer in villa price appreciation, registering a significant 43.1% increase. Jumeirah Islands, Dubai Hills Estate, and Emirates Hills also showed strong performance in villa capital gains.

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Despite a 31.9% decline in month-over-month off-plan (Oqood) residential property registrations, the segment recorded a notable 33% YoY increase in June.

ValuStrat noted that ready home transactions experienced significant annual declines not seen since the beginning of the pandemic, with a 2.6% drop YoY and a 19.4% decrease from May.

The dynamics indicate a resilient market in Dubai's real estate sector, with certain segments showing robust growth amidst broader market challenges.

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