The real estate market in Dubai has shown robust growth, marked by significant increases in property values and transaction volumes.

As of February 2024, the Dubai property index has risen by 23.1% year-on-year (y/y) and 2.1% month-on-month (m/m). Villas have seen a substantial annual appreciation of 28%, while apartments have also seen strong growth, up by 18.6% y/y.

Overview

• ⁠Growth of Index - 23.1% y/y

• Growth of Index 2.1% m/m

• Villa values up 28% y/y

• ⁠Apartment values up 18.6% y/y

• 20 transactions over AED 30 M in February 2024 alone

• ⁠Off-plan Oqood registrations (which has a lag) are up 32.6 y/y

Highest y/y capital gains for villas are in:

1.⁠ ⁠Jumeirah islands (36%)
2.⁠ ⁠Palm Jumeirah (35.1%)
3.⁠ ⁠Dubai Hills (33.6%)
4.⁠ ⁠Mudon (29.6%)

Highest y/y capital gains for apartments are in:

1.⁠ ⁠Discovery Gardens (30.7%)
2.⁠ ⁠The Greens (27.9%)
3.⁠ ⁠Town Square (23%)
4.⁠ ⁠Dubai Production City (22.9%)

Highest transacted communities in the month:

1.⁠ ⁠JVC (9%)
2.⁠ ⁠Business Bay (7.2%)
3.⁠ ⁠Dubai Marina (5.9%)
4.⁠ ⁠Downtown (5.8%)
5. Dubai Hills (5.1%)

In conclusion, Dubai's real estate market remains buoyant with impressive capital gains across key residential segments. Villas in sought-after communities like Jumeirah Islands, Palm Jumeirah, and Dubai Hills have seen the highest year-on-year appreciation rates, while apartments in areas such as Discovery Gardens, The Greens, and Town Square have also shown strong growth.

The top transacted communities in February 2024 highlight diverse investment opportunities across JVC, Business Bay, Dubai Marina, Downtown, and Dubai Hills.

Source: Valustrat