The real estate market in Dubai continues to flourish, with increasing demand for luxury properties leading to significant growth, according to a recent report.
The latest results from ValuStrat, published in February 2024, show a robust 23.1 percent annual increase in the Dubai Residential Capital Values Price Index (CPI) to 164.1 points, with a monthly increase of 2.1 percent.
This remarkable increase underlines the continued demand and confidence of investors in the emirate’s real estate sector, as highlighted in the report.
Leading the growth are sought-after villa communities such as Jumeirah Islands and Palm Jumeirah, where capital gains have increased by 28 percent year-on-year. Of particular note is the exceptional performance of Jumeirah Islands with a staggering 36.1 percent annual increase in villa values.
The apartment segment also recorded significant growth with an average annual price increase of 18.6 percent. In areas such as Discovery Gardens and The Greens, annual appreciation rates of more than 27 percent have been recorded, which is higher than the average real estate market in Dubai.
The market is still very active: in February alone, 20 transactions for completed properties with a price of over AED 30 million were recorded. Notable developers who have contributed to these transactions include Emaar, Damac, Danube and Sobha.
In addition, the off-plan segment has proven resilient, with a notable 32.6 percent increase in Oqood registrations for the year and 5.7 percent for the month.
Overall, the positive development of the real estate market reflects investors’ strong confidence in the city’s long-term growth prospects and signals continued momentum in this sector.
