Villa Prices in these areas more than doubled last four years Now
Demand is predicted to stay strong, with the value of more communities anticipated to double by the end of the year
Due to increased demand from locals and wealthy individuals who moved to Dubai, villa prices have more than doubled in 10 communities in the last four years.
The capital values of villas in these communities increased by more than 100% between 2020–2021 and July 2024, according to the most recent data from international real estate consultancy Value Strat.
These communities include Arabian Ranches, Dubai Hills Estate, Emirates Hills, Green Community West, Jumeirah Islands, Jumeirah Park, Palm Jumeirah, The Lakes, The Meadows, and Victory Heights.
Villa prices have increased by 180 percent in Jumeirah Islands over the last four years, with Palm Jumeirah, Arabian Ranches, Dubai Hills Estate, Emirates Hills, and Dubai Hills Estate following suit with 155%, 144%, and 136.5% increases, respectively.
Due to government limitations on public movement imposed in an effort to contain the epidemic, demand for villas, townhouses, and larger flats surged during the pandemic, changing the dynamics of Dubai’s real estate market.
High-net-worth individuals from all parts of the world were drawn to Dubai by the effective management of the pandemic and chose to make this city their second home by purchasing properties here.
Transacted prices per square foot were already at historic lows, signaling the impending low point in the Dubai market cycle.
By the end of 2024, 5,000 villas were expected to be delivered.
The pandemic drove these prices even lower, creating an extremely affordable market at the same time that owner-occupier demand for greater living spaces peaked.
Domestic purchasers wanted more space for outdoor gardens, home offices, and homeschooling.
According to Haider Tamia, director and head of real estate analysis at Value Strat, “as travel restrictions lifted, increasing competition from international investors further pushed prices upward.” This was disclosed to Khaleej Times.
In the post-pandemic period, demand for and prices of villas and townhouses increased significantly due to the influx of millionaires into Dubai. 212 centi-millionaires, 15 billionaires, and 72,500 millionaires currently reside in Dubai.
As per the Wealth Migration Report 2024 published by Henley and Partners, the United Arab Emirates is the top destination for high-net-worth individuals, with over 6,700 millionaires expected to relocate here this year.
According to the Global Wealth Report published by Swiss bank UBS, from 202,201 in 2023 to 232,067 in 2028, there would be a nearly 29,866-percent increase in the number of millionaires with assets over $1 million.
According to Tamia, there will be a strong demand for townhouses and villas, and the value of several communities should double by the end of the year.
As many as 3,925 villas were finished in Dubai in the first half of this year, including 1,175 in the second quarter, according to the most recent report published by Asteco.
By the end of 2024, 5,000 villas were expected to be delivered.
We expect a further 10% growth in villa prices in the second part of the year, given the state of the market,” he stated.
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