Dubai property transactions jump 47% in strongest monthly rise in 3 years
Following a period of price corrections, Dubai’s property market has recorded its strongest monthly increase in residential transactions in three years, rising 47% in June as buyers capitalised on opportunities amid early signs of returning buyer confidence.
Since the start of the conflict, Dubai home values have fallen by around 10%, although performance has varied by segment and location. In June, the residential market recorded a further but more moderate price decline, with the ValuStrat Price Index – ValuStrat’s monthly index tracking property price movements – edging down to 220 points from 222.1 in the previous month.
Villa capital values declined 1.2% month-on-month in June, while annual growth slowed to 2%. The strongest annual declines this year were recorded in Mudon (-5%), Victory Heights (-4%), International City (-3.2%) and Dubai Hills Estate (-2.8%).
Apartment values fell 0.6% month-on-month in June, leaving prices 3% below their level a year earlier. Burj Khalifa (-16.7%), Jumeirah Beach Residence (-13%) and Town Square (-5.7%) recorded the sharpest annual declines this year. However, prices continued to post annual gains in areas including DIFC (8.1%), Dubai Sports City (6.6%), Dubai Silicon Oasis (6.4%) and Al Quoz Fourth (6%).
Ready homes versus off-plan
Ready-home transactions increased 46.8% month-on-month, marking the strongest monthly rise in three years, although volumes remained 23% lower than a year earlier according to ValuStrat.
Registrations through Oqood, the Dubai Land Department’s official system for registering off-plan properties, rose 32% month-on-month. While registrations were 16% lower year-on-year, off-plan transactions accounted for 75% of all residential sales.
The leading locations for off-plan transactions during the month included Azizi Venice (26.1%), Dubailand Residence Complex (4.3%), Jumeirah Village Circle (4.1%), Jumeirah Islands (3.2%) and Majan (2.9%).
A total of 19 ready-property transactions exceeded Dh30 million, including five deals priced above Dh50 million. These ultra-prime sales were concentrated in Palm Jumeirah, Dubai Hills Estate, Emirates Hills, Al Barari, Jumeirah Islands, Downtown Dubai and DIFC.
