Page 295 - SOBHA REALTY PR REPORT - MARCH 2024 (ENGLISH)

The VPI is a valuation-based price index constructed to represent periodic

change in capital values and rental values experienced by typical
residential and commercial properties. The VPI for Dubai’s residential
capital values is updated on a monthly basis. The VPI for Dubai’s residential
rental values is updated on a quarterly basis.

The apartment submarket in the emirate saw prices accelerate at 1.9 per
cent monthly and expand a record 18.6 per cent annually. The highest year
on year capital growth in apartments was recorded in Discovery Gardens
(30.7 per cent), The Greens (27.9 per cent), Palm Jumeirah (27.4 per cent),
Town Square (23 per cent), and Dubai Production City (22.9 per cent).

Villa capital gains during the month were up 2.4 per cent compared to
January and 28 per cent since last year. The top annual performers were
villas in highly desired Jumeirah Islands (36.1 per cent), Palm Jumeirah (35.1
per cent), Dubai Hills Estate (33.6 per cent), and Mudon (29.6 per cent).

Off-plan Oqood (contract) registrations jumped 32.6 per cent annually and

5.7 per cent monthly. Ready home transaction volumes grew 30.5 per cent
annually and 9 per cent monthly, representing a minority 36.9 per cent
share of overall residential sales for the month.

February saw 20 transactions of ready properties priced over Dh30 million,
these were located in Emirates Hills, Palm Jumeirah, District One,

Jumeirah Bay Island, and Dubai Hills Estate.

Topping the sales charts overall this month were properties developed by
Emaar (13.3 per cent), Damac (9.9 per cent), Danube (7.6 per cent), and
Sobha (5.7 per cent). Top off-plan locations transacted included projects

located in Jumeirah Village Circle (11.8 per cent), Dubai Maritime City (11.4
per cent), Business Bay (6.4 per cent), and Bu Kadra (4.5 per cent). The
majority of ready homes sold were in Jumeirah Village Circle (9 per cent),
Business Bay (7.2 per cent), Dubai Marina (5.9 per cent), Downtown Dubai
(5.8 per cent), and Dubai Hills Estate (5.1 per cent).

https://www.khaleejtimes.com/business/realty/dubai-villa-prices-in-top-areas-double-in-
three-years