Following the surge of prices of villas in August, Dubai has recorded an impressive double digit growth in prime residential areas in the UAE emirate.
According to the latest ValuStrat Price Index (VPI), the highest gains were recorded in Arabian Ranches, Jumeirah Islands, Dubai Hills Estate, and The Lakes,
All 13 villa locations and 21 apartment areas monitored by the index have seen an increase in the capital values of properties compared to the previous month, the report said.
Rising values could be attributed to a more positive demand as population in the emirate grows by 8 percent annually, as well as to government efforts in increasing the quality of life of its residents.
Apartments’ prices saw mixed performance, with a third of all monitored properties recording negative annual growth, a third stable, and a third single-digit annual capital growth.
Top annual performers in this area were in Palm Jumeirah, Jumeirah Beach Residence, Al-Furjan, and Al-Khail Heights.
Sales transactions during the month was up 49 percent in volume, as compared to July. Ready sales rose 57 percent, while off-plan project registrations jumped 42 percent.