DUBAI: Dubai villa prices soared in August, with double-digit increases in premium residential districts of the UAE city.
According to the current ValuStrat Price Index, the highest gains were registered in Arabian Ranches, Jumeirah Islands, Dubai Hills Estate, and The Lakes (VPI).
The capital values of properties in all 13 villa locations and 21 apartment areas examined by the index increased from the previous month, according to the report.
According to Calum White, a real estate specialist, rising valuations can be ascribed to increased demand as the emirate's population expands at an annual pace of 8%, as well as government attempts to improve citizens' quality of life.
The performance of apartment prices was uneven, with a third of all monitored properties experiencing negative annual growth, a third remaining steady, and a third experiencing a single-digit annual capital increase.
Palm Jumeirah, Jumeirah Beach Residence, Al-Furjan, and Al-Khail Heights were the top annual performers in this area.
When compared to July, the volume of sales transactions increased by 49% in August. Ready sales increased by 57%, while off-plan project registrations increased by 42%. Emaar was the most successful developer in terms of sales, followed by Nakheel, Damac, and Dubai properties.
Despite the predicted expansion, developers in Dubai have continued to release inventories, according to White and Co.'s chief executive. As a result of the oversupply, Dubai's authorities have begun applying "stricter criteria" for the clearance of new developments.
Source: Arab News