In a remarkable milestone for Dubai, over 10,000 off-plan homes were sold in July

Setting a new record for the city. According to a report from ValuStrat Dubai, property prices have surged, with an overall increase of 28.5% compared to the same time last year.

Notably, Palm Jumeirah and Jumeirah Islands led the way with a 43% annual increase in villa prices, followed closely by Dubai Hills Estates at 38%. These areas have all seen prices more than double since 2020.

In the apartment market, Discovery Gardens recorded the highest price growth at 34.6%, trailed by The Greens at 34.1%. Palm Jumeirah also performed strongly with a 30.8% increase.

The surge in property prices has been fueled by a record-breaking number of off-plan sales, with July alone witnessing 10,022 contracts for pre-development homes, accounting for 68.5% of total transactions. This marks a 60% increase from the previous year. The areas with the most off-plan sales included Dubai Hills Estates, Jumeirah Village Circle, and Business Bay, while Palm Jumeirah set a record for off-plan villa transactions.

Emaar Properties, the developer behind iconic projects like the Burj Khalifa and Dubai Marina, led the market, capturing one-fifth of all off-plan contracts. Other key players included Damac Properties, Danube Properties, and Nakheel, each holding between 5% to 7% of the market share.

While villa prices have exceeded their previous peak, apartment prices have yet to fully recover their 2014 values, the report noted.

Source From Mansion Global