Average Dubai property prices were more than 12 percent higher in October than in the same month last year, according to new research.
Real estate consultants ValuStrat said that prices in some villa areas soared 30 percent when compared to October of last year, and most of the apartment submarket continues to improve, albeit at a slower pace.
According to its valuation-based index, prices were up by 12.6 percent year-on-year, as Dubai’s property market witnessed accelerated monthly growth from 0.7 percent in January to 1.8 percent in October.
All 13 villa locations and all 21 apartment areas monitored by the VPI have seen their capital values either stabilise or improve when compared to the previous month.
For villas, the highest annual capital gains continued in older gated communities such as Arabian Ranches (31 percent), Jumeirah Islands (30.9 percent), The Lakes (27.9 percent) and The Meadows (26.7 percent).
For VPI monitored apartments, top annual performers in terms of double-digit capital gains were found within established beachfront communities in Palm Jumeirah (14.6 percent), and Jumeirah Beach Residence (12.1 percent).
However, some areas saw negative annual performance including Jumeirah Village apartments (-6.3 percent), Dubai Sports City (-2.8 percent) and Dubai Production City (-2.6 percent).
According to ValuStrat, the month of October saw sales transaction volumes down 4.3 percent when compared to September.
Month-on-month performance saw ready sales rise 6.6 percent but off-plan Oqood (contract) registrations declined 15.8 percent, representing 42.6 percent of overall transactions.
October saw 19 transactions valued over AED30 million, with such deals concentrated in Dubai Hills Estate, Downtown Dubai, Business Bay, District One, Jumeirah Golf Estates, Emirates Hills, and Palm Jumeirah.
Topping the sales charts overall were properties developed by Emaar (30.2 percent), Damac (11.5 percent), Nakheel (5.4 percent) and Dubai Properties (4.3 percent).
Top off-plan locations transacted in October included projects located in The Valley (14.9 percent), Business Bay (12.7 percent), Dubai Harbour (8.2 percent) and Arabian Ranches phase 3 (6.3 percent). Most transacted ready homes were located in Dubai Marina (8.1 percent), Business Bay (7.9 percent), Jumeirah Village (7.5 percent), Akoya Oxygen (7 percent) and Jumeirah Lake Towers (4.7 percent).
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