Burj Khalifa and Palm Jumeirah Lead Market Gains 2024

Dubai continues to consolidate its position as a leading global destination in real estate investment, with Palm Jumeirah and Burj Khalifa leading the locations achieving capital gains during 2024, and with the marked rise in the prices of luxury apartments and villas, these locations have become a symbol of luxury and smart investment.

Palm Jumeirah and Burj Khalifa are one of the greatest engineering achievements in the world. Dubai’s stakes on the success of these two regions, and their investment, tourism and economic brilliance, are certain. Today, the two sites continue to thrive, due to the strong demand from local and international investors for all categories of real estate in both regions.

According to the report of the global research foundation “Valeo Strat” last November, Palm Jumeirah still has the highest average square foot price for villas, at 6,150 dirhams per square foot, an increase of 42.5% year-on-year, and 3% on a monthly basis, while the average price of a standard villa in the region rose to AED 30.7 million.

For the Burj Khalifa area, it still holds the highest average price per square foot, for apartments in Dubai at AED 3,508 per square foot, an increase of 19.5% year-on-year, and 1.4% on a monthly basis, while the average price of a standard apartment in the region rose to AED 3.2 million.

The report stated that the monthly capital gains for villas last November amounted to 2.1% and 31.9% on an annual basis, and it is worth noting that the best annual performance includes villas in highly desirable areas, such as Palm Jumeirah (42.5%) and Jumeirah Islands (42.4%), which are now more than three times their value at the beginning of 2021.

Alongside the Emirates Hills areas (32.7%), and Dubai Hills Estate (32.2%), the lowest gains have been seen in Madon (15.1%) and Jumeirah Village Circle (20.4%), with a relatively stable city area remaining for the third consecutive month. In contrast, apartment prices rose by 1.6% per month, with an annual growth of 23.9%, and among the regions with the highest apartment capital gains compared to last year were The Greens (31.6%), Palm Jumeirah (29%), Discovery Gardens (28.5%), The Fuse (27.6%), and the lowest capital gains were found in International City (16.6%), and Dubai Sport City (17.2%).

Last November, 24 transactions were recorded for ready-made real estate, at a price of more than AED 30 million, located in Palm Jumeirah, Emirates Hills, Jumeirah Bay Island, Al Barari, Dubai Hills Estate and One area. November 2024 witnessed the leading of developers with a market share of sales (14.7%), DAMAC (7.6%), Shuba (6.5%), Ben Ghati (5.9%), and Tiger Real Estate (4.6%). The best-sold locations on the map included: Jumeirah Village Circle (13.1%), Jumeirah Village Triangle (8.5%), Business Bay (5.4%), and Dubailand Residence Complex (5.1%).

At the same time, most of the prefabricated houses sold were located in Jumeirah Village Circle (10.2%), Dubai Marina (5.9%), Business Bay (5.1%), Downtown (4.7%) and Uptown Motor City (4.1%).

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