Dubai property prices recovered their former high point and
are continued to growing thanks to the villas and apartments in selected areas.
This stands in accordance with the latest research published in Thursday.
Binayah’s real estate consultants informed that there was
a surge in the registered price of freehold villas locations in Dubai.
Furthermore, they reported a rise in value and price in the apartments of Jumeirah Beach Residence (JBR), Palm Jumeirah and The International City.
On the contrary, ValuStrat price Index also reported a
decline in capital values of freehold apartment locations by 0.6%. This monthly
decline in the capital values was visible in the areas of Downtown Dubai, Motor
City, Dubai Sports City and Remraam. Surprisingly, the month of February saw a
rise in the capital values by 0.7% which is a strong evidence of the continuous
growth trend in Dubai’s property prices that is being witnessed since October
2020.
ValuStrat further stated in its research, “On a citywide
level, capital value of residential homes approached stabilization and slight
growth, as the downward trend is gradually coming to a halt. Clear improvements
in Capital values were observed in all established villa communities monitored
by the index. Although freehold apartments were still witnessing price drops
but with a few exceptions.”
The research also stated that February showed a gain of
25.2% on a monthly basis in sales transaction volumes, as current
ready-to-move-in homes saw a gain of 21.1%. Furthermore, the off-plan sales
grew by 34.5% and all these results stand a lot in number as compared to the
previous month’s.
The areas showing clear improvements in capital values of apartments
include Jumeirah Beach Residence, Palm Jumeirah and International City. These
areas witnessed a monthly growth of 1.3 percent in value and process altogether
in February. Established villa communities that showed a 2 percent monthly
growth in value and prices were The Meadows, The Lakes and Emirates Hills.
The research also elaborated that February’s cash-based
sales transactions volume were 67% towards ready-to-move-in-homes as off-plan
properties’ sales slowed down due to limited project launces.
Major Property Giants in the region like Emaar, DAMAC,
Nakheel, Triplanet International and MAG Property Development reported a
successful sales chart of February’s month.
According to VlauStrat, The ready-to-move-in homes which
were transacted the most last month are located in Business Bay, Dubai Marina,
international City, Town Square, Jumeirah Village and Dubai Sports City. The
off-plan properties that were in demand for the month of February were of
Jumeirah Village, MBR City, Al-Jaddaf, Business Bay and Downtown Dubai.
The research by ValuStrat concluded an upcoming growth in
property prices in Dubai and credited the high demand in Villas for it.
