In October 2020, the average Dubai property prices were about 12% lesser than that of October 2021. From January 2021 to October 2021, Dubai’s real estate market has seen a monthly growth of 0.7% to 1.8% which has culminated in a 12.6% average annual increase.
Villa Property Prices
According to ValuStrat Price Index or VPI, the 13 villa locations and 21 apartment areas in Dubai have witnessed an increase in their value. Some villa areas have seen as much increase as 30%. Even in the areas where the market prices have gone higher, they have not stooped as well.
The old and prestigious gated villa communities of Arabian Ranches, Jumeirah Islands, and The Lakes have gained 31%, 30.9%, and 27.9% in value, according to VPI.
Apartment Property Prices
With the exception of areas like Jumeirah Village apartment, Dubai Sports City, and Dubai Production City which have seen a property price drop of 6.3%, 2.8%, and 2.6% respectively, all the apartment areas have witnessed a positive increase in alive.
On the other hand, apartment areas like Palm Jumeirah and Jumeirah Beach Residence have seen an increase of 14.6% and 12.1% in their property value. As Dubai property prices are consistently on the rise, investors from around the globe are showing their interest in Dubai’s real estate market.
Transaction Volumes in October
Compared to September, the transaction volume for the month of October saw a decrease of 4.3%. According to VPI, there were 19 transactions valued at over 30 million AED in the month of October. For these transactions, Dubai Hills Estate, Downtown Dubai, Business Bay, Jumeriah Golf Estates, and Palm Jumeirah stood in limelight.
Most of the properties that made the top sales chart were developed by the best real estate developers in Dubai including Emaar, Damac, and Nakheel which contributed 30.2%, 11.5%, and 5.4% respectively.
Off Plan Properties Transactions in October
Off-plan properties in Dubai contributed their fair share to the growth and boom seen by Dubai property prices. Business Bay, Dubai Harbour, and Arabian Ranches remain on top with 12.7%, 8.2%, and 6.3% contributions.
You can further enhance your research by going through our article on apartments in Dubai. Stay subscribed for more news and articles.