Over the past period of this year, the level of sales of elite properties in Dubai has started to grow rapidly and reached figures last recorded before the pandemic. According to ValuStrat, housing prices are at their peak and are close to their peak in 2014. In 2021, the cost of luxury homes is only 3.9% below this figure. However, the growth rate of demand is slowing down, although villas are still the main driving force of the market.
Sales volume increased by more than 34%. Arabian Ranches, Jumeriah Islands, and Lakes are the communities with the highest price increases. The price growth in the community is 34.1%, 33.9%, and 31.2%, respectively. In other areas, the picture is more stable. Prices have not changed and dropped slightly only in Dubai Production City and Dubai Sports City. In these areas, the value of real estate in 2021 decreased by 1.6% and 1.9%.
When comparing the overall rate of price increase, it is 14.7% in 2021. In October, the figures increased by another 1.6%. Transactions in the autumn months show strong demand growth in real estate in the UAE’s largest metropolis. November was the leading month, with 126% compared to the same period last year. Most likely, moderate price growth will continue in 2022.