Dubai November 10 2021: Prices heading for recovery as Cityscape open doors to investors at the Expo 2020 site. According to the valuation-based index, VPI, prices in some villa areas soared 30% when compared to October of last year, and most of the apartment submarket continues to improve, albeit at a slower pace.
The citywide residential VPI improved 12.6% year-on-year, as it witnessed accelerated monthly growth from 0.7% in January, to 1.8% this October.
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All 13 villa locations and all 21 apartment areas monitored by the VPI have seen their capital values either stabilise or improve when compared to the previous month. For villas, the highest annual capital gains continued in older gated communities such as Arabian Ranches (31%), Jumeirah Islands (30.9%), The Lakes (27.9%) and The Meadows (26.7%). For VPI monitored apartments, top annual performers in terms of double-digit capital gains were found within established beachfront communities in Palm Jumeirah (14.6%), and Jumeirah Beach Residence (12.1%). Some areas saw negative annual performance, Jumeirah Village apartments (-6.3%), Dubai Sports City (-2.8%), and Dubai Production City (-2.6%).
The month of October saw sales transaction volumes down 4.3% when compared to September. Month-on-month performance saw ready sales rise 6.6%, however off-plan Oqood (contract) registrations declined 15.8%, representing 42.6% of overall transactions. October saw 19 transactions valued over AED 30 million, such transactions were concentrated in Dubai Hills Estate, Downtown Dubai, Business Bay, District One, Jumeirah Golf Estates, Emirates Hills, and Palm Jumeirah.
Topping the sales charts overall were properties developed by Emaar (30.2%), Damac (11.5%), Nakheel (5.4%), and Dubai Properties (4.3%). Top off-plan locations transacted in October 2021 included projects located in The Valley (14.9%), Business Bay (12.7%), Dubai Harbour (8.2%) and Arabian Ranches phase 3 (6.3%). Most transacted ready homes were located in Dubai Marina (8.1%), Business Bay (7.9%), Jumeirah Village (7.5%), Akoya Oxygen (7%), and Jumeirah Lake Towers (4.7%).
