Dubai Real Estate Snapshot: September 2024
Dubai’s real estate market continued its upward trajectory in September 2024, with positive gains in capital values, though slightly softer compared to August ’24. Here’s a comprehensive overview of the market’s performance:
Capital Values
- Villas: 2.3% monthly increase since August, prices have risen by 33.1% since January
- Apartments: 1.9% monthly increase since August, 24.8% since January
Top Performing Areas
Villas
Palm Jumeirah: 42.8% annual growth
Palm Jumeirah’s impressive 42.8% annual growth in capital values can be attributed to several factors. The limited supply of only 4,000 villas on the man-made island, coupled with strong demand from both local and international buyers, has driven prices upward. Additionally, the area’s world-class amenities, including five-star hotels such as The Five Hotel and Royal Atlantis and private beaches, contribute to its enduring appeal. Palm Jumeirah is one of the few communities residents can enjoy 55 kilometers of private beach access.
You can watch a luxury penthouse property tour on the Palm Jumeirah here.
Jumeirah Islands: 42.3% annual growth
Jumeirah Islands has experienced a remarkable 42.3% annual growth in capital values, making it one of the top-performing villa communities in Dubai. The exclusive nature of Jumeirah Islands, with its man-made islands and luxury villas, continues to attract high-net-worth buyers seeking premium properties. The community’s strategic location on Sheikh Zayed Road and parallel to Jumierah Park and Jumeirah Lake Towers, coupled with its lush landscaping and waterfront living, has heightened its appeal in a market where outdoor space and privacy are highly valued. Additionally, the limited supply of only 800 villas in 50 clusters on 16 villas each has driven prices upward. This area has become a haven for buyers to come in, gut homes and re-build and sell them for a 50-80% mark-up.
Dubai Hills Estate: 35.3% annual growth
Dubai Hills Estate has experienced a remarkable 35.3% annual growth in capital values, solidifying its position as one of Dubai’s top-performing villa communities. This master-planned development, spanning 11 million square meters, has seen its popularity soar, with a 15% increase in transactions year-over-year. The community’s 18-hole championship par-72 golf course stretches over 7,283 yards, covering 1.29 million square meters, and its 54-kilometer cycling and jogging tracks have been major draws for luxury buyers. Dubai Hills Estate’s strategic location, just 15 minutes from Downtown Dubai and 20 minutes from Dubai International Airport, has further boosted its appeal. The area has also benefited from the overall 28.9% annual increase in Dubai’s property values, with villas specifically seeing a 33.1% year-on-year growth. This surge in demand has led to a significant price appreciation, with some properties now commanding up to AED 3,500 per square foot, compared to AED 2,600 per square foot in the previous year.
You can watch a 1 bedroom apartment tour in Dubai Hills here.
Emirates Hills: 33.8% annual growth
Emirates Hills recorded a 33.8% annual growth in capital values in 2024, driven by its status as Dubai’s most exclusive villa community. The area’s ultra-luxury properties, with prices reaching up to AED 7,000 per square foot, have attracted high-net-worth individuals and global investors seeking privacy and prestige. Limited supply of only around 600 mansions, combined with strong demand for spacious villas featuring large plots, premium finishes and the ability to build homes to owners specifications have fueled price increases. Additionally, the growing appeal of gated communities with world-class amenities, such as the Montgomerie Golf Course and proximity to Dubai Marina and Downtown Dubai, has solidified Emirates Hills as a top choice for luxury buyers in a booming real estate market.
Apartments
- Discovery Gardens: 33.5% annual growth
- The Greens: 33% annual growth
- Palm Jumeirah: 30.9% annual growth
- Al Quoz Fourth: 30% annual growth
Sales Transactions
- Off-plan sales (Oqood registrations): 9.1% monthly growth, 254.2% annual growth
- Ready home transactions: 10.9% monthly increase, 19% annual growth
Luxury Market
16 transactions for ready properties priced over AED 30 million were recorded in prime locations such as Palm Jumeirah, Emirates Hills, Jumeirah Bay Island, Dubai Hills Estate, and District One.
Top Developers and Locations
Leading Developers
- Emaar (18.8%)
- Damac (14.7%)
- Sobha (7.4%)
- Azizi (5%)
- Binghatti (2.9%)
Top Off-plan Locations
- Jumeirah Village Circle (8.5%)
- Damac Hills 2 (8%)
- Bu Kadra (6.9%)
- Dubai Hills Estate (6.2%)
Top Ready Home Locations
- Jumeirah Village Circle (12.2%)
- Business Bay (5.2%)
- Dubai Marina (5.2%)
- International City (3.4%)
Jumeirah Village Circle set a new record for the highest number of ready homes sales in a single month. JVC has a new mall, improving infrastructure and a few choice luxurious buildings which are affordable, allowing it to become the market leader in ready home sales.
The September snapshot reveals a continued strong performance in Dubai’s real estate market, with slight moderation in growth rates compared to August ’24. The luxury segment remains robust, while off-plan sales continue to dominate the market. We will keep sharing updates about Dubai’s real estate market, make sure to keep checking Viewit for the best and most factual updates in the industry!
Citations:
[1] https://ppl-ai-file-upload.s3.amazonaws.com/web/direct-files/23087013/ce0d88db-8ad7-4657-934e-3e992031cf3b/VPI_Dubai_Residential_Values_-_September_2024.pdf
[2] https://ppl-ai-file-upload.s3.amazonaws.com/web/direct-files/23087013/55c8a700-22cb-45e4-a273-f397f435d339/Detailed-Faq-Mayflower-Residences.pdf
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