Prices for villas in Palm Jumeirah are only 1.5% of the record figures of 2014.
The annual average price increase of 17% has been unprecedented since 2014.
According to ValuStrat Price Index (VPI), an index of changes in the capital value of freehold real estate and offices, villas increased by 2.5%, while apartments increased by about 1%.
According to the Dubai Land Department (DLD), in 2021, there were 84,772 real estate transactions for about $82 billion.
Economic incentives to encourage foreign investors, the successful fight against COVID-19, and EXPO 2020, which began on October 1, 2021, played an important part.
ValuStrat reports that the apartments in the emirate have shown growth between 0.9% and 8.8%. However, in some areas, such as Jumeirah Village and Dubai Sports City, prices fell by 4.7% and 1%, respectively.
Palm Jumeirah (19.4%) and Jumeirah Beach Residence (15.6) were the leaders of apartment price growth.
These areas were the leaders of villa price growth:
- Arabian Ranches — 36.5%;
- Jumeirah Islands — 36.3%;
- The Lakes — 33.6%;
- Emirates Hills — 32.9%.
ValuStrat states that the prices for villas have exceeded the pre-pandemic figures.
The best areas for off-plan real estate construction, according to the rate of price growth, are:
- Sobha Heartland — 9.4%;
- Downtown Dubai — 9.3%;
- Business Bay — 9.1%;
- Dubai Harbour — 9%.
