According to the most recent analysis from ValuStrat, an astounding 24 transactions totaling more than AED30 million ($8.2 million) took place in November 2024 in Dubai’s premier real estate sector. The spike in high-value sales demonstrates the city’s ongoing need for luxury real estate. Nonetheless, Dubai has also seen yearly capital gains of 23.9 percent for apartments and 31.9 percent for villas. Notably, The Greens has surpassed price peaks that have lasted for ten years, joining Palm Jumeirah. Notwithstanding these improvements, monthly growth is beginning to wane, suggesting a general drop in monthly sales.

The ValuStrat Price Index rose 1.8 percent monthly to 197.3 points in November 2024. This is the third straight month of softening since August and indicates a minor slowdown from October’s rise of 1.9 percent. The VPI increased by 27.9 percent annually. Based on a January 2021 baseline of 100 points, villa prices reached 253.7 points and apartments recorded 160.5 points.

Top developers and locations

The developer sales rankings in November 2024 were topped by Emaar (14.7 percent), Damac (7.6 percent), Sobha (6.5 percent), Binghatti (5.9 percent), and Tiger Properties (4.6 percent). Projects in Jumeirah Village Circle (13.1 percent), Jumeirah Village Triangle (8.5 percent), Business Bay (5.4 percent), and Dubailand Residence Complex (5.1 percent) were the most popular off-plan destinations for transactions. In the meantime, Jumeirah Village Circle (10.2 percent), Dubai Marina (5.9 percent), Business Bay (5.1 percent), Downtown Dubai (4.7 percent), and Uptown Motor City (4.1 percent) had the highest percentage of ready-to-sell properties. The number of ready residences sold in a single month at Dubailand Residence Complex set a new record this month.

Apartments vs villas

Villa capital gains were 2.1 percent every month, with a significant 31.9 percent yearly growth. Villas in upscale neighborhoods like Palm Jumeirah (42.5 percent), Jumeirah Islands (42.4 percent), which has seen a more than threefold increase in value since the start of 2021, Emirates Hills (32.7 percent), and Dubai Hills Estate (32.2 percent) are noteworthy top performers for the year. Mudon (15.1 percent) and Jumeirah Village Triangle (20.4 percent) saw the lowest gains, while Mudon remained relatively stable for the third consecutive month.

The monthly increase in apartment prices was 1.6 percent, which translated into a 23.9 percent yearly growth. The Greens (31.6 percent), Palm Jumeirah (29 percent), Discovery Gardens (28.5 percent), and The Views (27.6 percent) are the areas with the largest capital gains for flats over the prior year. Dubai Sports City (17.2 percent) and International City (16.6 percent) showed the lowest capital value increases.

Off-plan vs ready homes

Off-plan home Oqood (contract) registrations accounted for 64 percent of all home sales this month, down 41.9 percent month over month but still up 76.5 percent from November of last year. Although the number of ready secondary-home purchases increased by 3.2 percent annually, it also decreased by 8.9 percent on a monthly basis.