A view of Discovery Gardens in Dubai. — File photograph
Condominium costs in Dubai rose 15.4 % in 2023, the best annual capital development for residences in a decade, a report confirmed on Tuesday.
The ValuStrat Value Index (VPI) for December reached 103.1 factors, up 19.9 % year-on-year, with a slower month-to-month improve of two %. That is in comparison with 100 factors in January 2014 and 112.9 factors on the peak in the identical yr. Residences scored 84.3 factors and villas 133.1 factors.
The report confirmed that the housing market witnessed a slowdown in total worth will increase in December. The capital values of Dubai residences and villas elevated within the final month of 2023 at decrease month-to-month charges. Secondary off-the-shelf residential offers dominated transactions as off-plan gross sales fell sharply in December.
The very best residence efficiency in comparison with the identical interval final yr was recorded in Discovery Gardens (26.4 %), primarily because of the Route 2020 Metro enlargement. That is adopted by Palm Jumeirah (25.4 %), The Greens (24.3 %), Motor Metropolis (20.7 %) and City Sq. (19.5 %). Villa costs rose by 2.3 % in comparison with November, and by 24.9 % since final yr. The annual high performers have been villas on the extremely sought-after Jumeirah Islands (32.2 %), Palm Jumeirah (31.9 %), Dubai Hills Property (30.6 %) and Mudon (27.2 %).
Off-plan Oqood (contract) registrations fell sharply by 63.7 % per thirty days and 70.3 % per yr, representing a minority share of 28.2 % of whole month-to-month residential gross sales. The transaction quantity for ready-to-move-in houses fell by 1.7 % month-to-month, however was nonetheless 37.5 % larger than the earlier yr. In December 2023, 15 transactions happened of prepared properties priced over Dh30 million, positioned in Palm Jumeirah, District One, Jumeirah Bay, Emirates Hills and Dubai Hills Property.
Topping the gross sales figures this month have been properties developed by Emaar (17.3 %), Damac (8.9 %), Falcon Metropolis of Wonders (6 %) and Nakheel (5.9 %). The highest off-plan places traded this month included tasks in Dubai Maritime Metropolis (7.5 %), Enterprise Bay (7 %), Jumeirah Village Circle (6.4 %) and Dubai Harbor (5.5 %). 2 %). Whereas nearly all of houses offered have been in Jumeirah Village Circle (8.9 %), Falcon Metropolis of Wonders (8.2 %), Enterprise Bay (7.9 %) and Dubai Hills Property (5.8 %).
