Dubai villa prices rose 2.1% in December, marking a 31.6% year-on-year increase, according to the ValueStart Index.
Dubai’s residential market recorded a 27.5% year-on-year increase in capital value during 2024, making the index double its level compared to the pandemic period. In December 2024, the index reached 200.7 points, up 1.7% from November, marking the fourth consecutive month of slower growth. Villas were valued at 259 points, while apartments were valued at 162.8 points.
Top performing areas
Jumeirah Islands recorded a 42.5% year-on-year increase, followed by Palm Jumeirah at 42.3% and Emirates Hills at 32.3%. The lowest gains were recorded in Mudon (13.5%) and Jumeirah Village Circle (21.5%). For apartments, prices increased by 1.4% and 23.6%. The Greens recorded the highest increase of 31%, followed by Palm Jumeirah (28.3%) and The Views (27.1%). The lowest increases were in International City (16.9%) and Dubai Sports City (18.1%).
Off-plan sales
Off-plan property sales contracts increased by 26.3% compared to November, and 513.8% compared to December 2023, accounting for 71.1% of home sales during the month. In contrast, ready home transactions decreased by 8.7% and 3.4%. The report indicated that 29 transactions were recorded for properties priced above AED 30 million, with these properties concentrated in areas such as Palm Jumeirah, Emirates Hills and Business Bay.
Emaar topped the list of real estate developer sales with a market share of 12.8%, followed by Damac with 8.1% and Binghatti with 7.6%. Jumeirah Village Circle accounted for the largest share of off-plan property sales at 13.1%, while the highest sales of ready homes were recorded in Jumeirah Village Circle (9.1%) and Dubai Marina (6.6%). The average market value per square foot in the residential market was AED 1,448, while the average market capital value was AED 3,079,716. The average value per square foot for villas was AED 1,294, and for apartments it was AED 2,442.