Dubai’s real estate market continues to break records, with villa prices across 85% of freehold communities more than doubling in value over the last four years. Palm Jumeirah, one of the city’s most sought-after areas, saw its villas nearly double in price since 2014. The ValuStrat Price Index (VPI) shows an impressive 33.5% annual increase for villas, with prices climbing 2.4% month-on-month. Apartment prices also showed strong growth, rising 24.4% annually, with top-performing areas like Discovery Gardens and The Greens seeing gains over 30%.

Off-plan properties led the market, making up 68% of all transactions in August 2024, as buyers eagerly await new supply. The dominance of off-plan sales saw Emaar emerge as the top developer, securing Dh7.49 billion in off-plan deals. Sobha Group, Azizi, and Danube followed closely behind. Meanwhile, ready secondary-home sales, while showing a 10.2% increase compared to last year, declined month-on-month by 15.8%, highlighting the shift towards off-plan investments.

Prime home sales in luxury locations like Palm Jumeirah, Emirates Hills, and Dubai Hills Estate continue to thrive, with 13 properties priced over Dh30 million transacted in August alone. The average price per square foot in Dubai hit a record high of Dh1,431, reflecting an 18% year-on-year increase, driven by strong investor demand and mortgage-backed buyers who accounted for 58% of transactions. As the market defies expectations, Dubai’s real estate sector remains a hotspot for investors and buyers alike.