The ValuStrat Price Index for Dubai’s residential capital values reached 170.8 points in April 2024, marking a 26.1 percent annual increase and a 2 percent monthly rise.
Villas topped the previous market peak by 25.6 percent, with the villa index hitting 216 points, while apartments stood at 141.4 points.
The average villa valuation per square foot surpassed AED2,000 for the first time in ten years, the report said, adding that since the pandemic period, villas in Dubai have more than doubled in value, and apartments are almost one and a half times more expensive.
Off-plan home sales increased by 76.4 percent annually but declined 9.4 percent month-on-month, with 7,387 transactions.
Ready home sales volume grew 9.5 percent year-on-year but fell 24.2 percent since March, representing 30 percent of total residential unit sales.
Emaar led developer sales with 19.8 percent market share, followed by Binghatti (8.8 percent), Damac (8.4 percent), Sobha (5 percent), and Danube (4.1 percent).
Popular neighborhoods in Dubai
Top off-plan locations included Jumeirah Village Circle, Zabeel First, Business Bay, and Ras Al Khor. Popular areas for ready homes were Jumeirah Village Circle, Business Bay, Dubai Marina, Downtown Dubai, and International City.
Apartment prices increased by 1.6 percent monthly, with an annual growth of 21.3 percent. Villas saw a 2.4 percent monthly and 31.2 percent annual capital gain.
Palm Jumeirah villas recorded the highest annual appreciation at 40.1 percent, while Discovery Gardens apartments led with 33.4 percent gains.
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