Dubai’s Prime Property Market Records $8.2 Million+ Transactions in November 2024
Dubai real estate market continues to thrive, with 24 transactions surpassing AED 30 million ($8.2 million) recorded in November 2024, as reported by ValuStrat. This impressive activity underscores the sustained demand for high-end properties in the city. Annual capital gains for villas reached a remarkable 31.9 percent, while apartments followed closely at 23.9 percent. Furthermore, iconic locations like The Greens and Palm Jumeirah have surpassed decade-long price records.
However, despite these milestones, the market shows signs of softening monthly growth. The ValuStrat Price Index (VPI) grew by 1.8 percent in November, reaching 197.3 points—a slight dip from October’s 1.9 percent rise and the third consecutive month of deceleration. On an annual scale, the VPI surged by 27.9 percent, with villa values peaking at 253.7 points and apartments at 160.5 points (benchmark: January 2021.
Leading Developers and Hot Locations
November saw stellar performances from top developers, with Emaar securing 14.7 percent of total sales, followed by Damac (7.6 percent), Sobha (6.5 percent), Binghatti (5.9 percent), and Tiger Properties (4.6 percent).
For off-plan properties, Jumeirah Village Circle (13.1 percent) led the pack, with Jumeirah Village Triangle (8.5 percent), Business Bay (5.4 percent), and Dubailand Residence Complex (5.1 percent) trailing closely. Among ready homes, Jumeirah Village Circle (10.2 percent) dominated, followed by Dubai Marina (5.9 percent), Business Bay (5.1 percent), Downtown Dubai (4.7 percent), and Uptown Motor City (4.1 percent). Notably, Dubailand Residence Complex hit a record for the highest number of ready homes sold in a single month.
Villa vs. Apartment Gains
Villas:
Monthly capital gains for villas rose by 2.1 percent, resulting in a massive annual increase of 31.9 percent. Key contributors to this growth included:
- Palm Jumeirah: +42.5 percent
- Jumeirah Islands: +42.4 percent (tripling in value since January 2021)
- Emirates Hills: +32.7 percent
- Dubai Hills Estate: +32.2 percent
Meanwhile, Mudon (+15.1 percent) and Jumeirah Village Triangle (+20.4 percent) showed relatively modest annual gains.
Apartments:
Apartment prices grew by 1.6 percent month-over-month, culminating in an annual gain of 23.9 percent. Top performers included:
- The Greens: +31.6 percent
- Palm Jumeirah: +29 percent
- Discovery Gardens: +28.5 percent
- The Views: +27.6 percent
Areas with smaller gains were International City (+16.6 percent) and Dubai Sports City (+17.2 percent).
Off-Plan vs. Ready Homes
Oqood registrations for off-plan properties declined by 41.9 percent month-over-month but surged by 76.5 percent compared to November 2023, accounting for 64 percent of all home sales.
Ready home sales also experienced a monthly drop of 8.9 percent but remained 3.2 percent higher year-on-year.
Conclusion
Dubai’s prime property market continues to attract luxury investors, reflecting strong capital appreciation and a dynamic landscape for both villas and apartments. While monthly growth may be stabilizing, the city remains a global hotspot for real estate investment, driven by iconic locations and top-tier developers.