The talks between the two sides are ongoing and, if successful, a deal could be signed in the coming weeks, the sources said
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Capital values of Dubai villas have gained 32. 4 per cent since last year, gaining 2.2 per cent in October, data showed on Monday.
According to a ValuStrat report for the Dubai residential property market for October, villas in Jumeirah Islands are now three times more expensive than they were in 2021. Other top performing areas include Palm Jumeirah (42.5 per cent), Dubai Hills Estate (33.7 per cent), and Emirates Hills (33.1 per cent). The lowest gains were seen in Mudon (17.1 per cent) and Jumeirah Village Triangle, with Mudon remaining stable for the second consecutive month.
Apartment prices rose by 1.7 per cent monthly, with an annual growth of 24.3 per cent. Among the areas with the highest apartment capital gains compared to last year were The Greens (32.4 per cent), Discovery Gardens (30.9 per cent), Palm Jumeirah (29.9 per cent), and The Views (28.4 per cent). Least capital value gains were found in International City (16.8 per cent) and Dubai Sports City (17.5 per cent).
In October 2024, the ValuStrat Price Index rose by 1.9 per cent monthly to 193.8 points, a slight slowdown from September's 2.1 per cent growth. Annually, the index increased by 28.3 per cent. Villa values reached 248.5 points, while apartments recorded 158.1 points, both benchmarked to a base of 100 points from January 2021.
The ValuStrat Price Index or the VPI, is a valuation-based price index constructed to represent periodic change in capital values and rental values experienced by typical residential and commercial properties.
The Speed of capital growth slowed for the second consecutive month. “More apartment communities have reached previous price peaks,” the ValuStrat report said.
Off-plan sales
Oqood (contract) registrations for off-plan homes grew 13.1 per cent monthly and 99.7 per cent annually, representing almost three-quarters of all home sales last month.
The volume of ready secondary-home transactions also grew by 11.7 per cent monthly and 30.1 per cent annually. Sales Transactions Prime Home Sales There were 21 transactions for ready properties priced over AED 30 million, situated in Palm Jumeirah, Emirates Hills, Jumeirah Bay Island, Al Barari, Dubai Hills Estate, and District One.
Dubai’s real estate has been reaching unprecedented heights since the end of the Covid-19 pandemic. As a major safe haven in a tumultuous world, high networth individuals have been flocking to the emirate in the face of global uncertainty. The introduction of long term residencies for property investors and a surging non-oil economy has also been among the factors that are bringing top talent to Dubai, creating a continuous surge in demand for real estate. Experts see no immediate decline in this demand.
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