Apartment prices in Dubai hit new highs as demand keeps climbing

If you’re apartment hunting, renewing your lease, or just browsing through property finder websites like it’s a hobby, you’ve probably noticed: apartment prices in Dubai are seriously up. According to the latest report by ValuStrat, prices across the city have risen almost a fifth in the last 12 months – with some neighbourhoods pushing past their all-time highs.

Here’s a breakdown of what’s going on:

Apartments are hot right now

According to ValuStrat’s June market report, apartment prices in Dubai rose by 1.1% last month – and are now nearly 20% higher than they were this time last year. The Greens saw the biggest annual jump at 24.4%, followed by Dubai Silicon Oasis, Dubailand Residence Complex, and (of course) Palm Jumeirah. Even International City and Business Bay saw solid gains. Not massive, but still moving up.

Villas? Even pricier

Villa prices saw an even steeper rise – up 28.7% year-on-year. Jumeirah Islands led the charge with a whopping 41.1% jump, followed closely by Palm Jumeirah, Emirates Hills, and The Meadows. On average, Dubai’s villas are now worth 180% more than they were post-2020.

Off-plan is where the action is

Off-plan sales made up a massive 73.4% of all residential transactions in June, even though monthly registrations dipped slightly. JVC, Dubai Investment Park Second, and Uptown Motorcity were some of the busiest areas for off-plan activity.

Luxury deals? Still rolling in

Yes, people are still buying homes for over Dhs30 million – 40 of them in June alone, with 15 topping the Dhs50 million mark. Prime areas include DIFC, Palm Jumeirah, and Dubai Hills Estate.

Ready homes? Still moving

Secondary sales have slowed slightly, down 14.3 per cent since May, but they’re still 11 per cent higher year-on-year. JVC, Business Bay, and Dubai Marina continue to be popular spots for ready-to-move-in buyers.