Dubai apartment prices rise 1.5% in September

Dubai apartment prices rise 1.5% in September

Valuations across the board witness increases due to continuing investor interest

The best apartment annual performance was recorded in Palm Jumeirah, ValuStrat data showed. — KT file

Published: Mon 9 Oct 2023, 3:51 PM

Dubai’s real estate market maintained its unprecedented growth track in September, as investors continued to rush in, new data showed on Monday.

The apartment submarket saw capital gains of 1.6 per cent monthly in September and expanded at a new record 11 per cent annually, the highest capital growth for apartments witnessed in a decade, data from Valustrat showed. The ValuStrat Price Index or the VPI for September 2023 accelerated 2.1 per cent monthly and 15.1 per cent annually to reach 96.6 points. Apartments were at 79.7 points, and villas at 123.6 points, this is compared to 100 points set in January 2014.

The VPI is a valuation-based price index constructed to represent periodic change in capital values and rental values experienced by typical residential and commercial properties.

Villa and apartment capital gains accelerate during September across the board. In addition to prime properties, cheaper homes within the mid-affordable segment witnessed increased valuations. Off-plan transactions declined, high growth in the ready (secondary) home market, the report showed.

The best apartment annual performance was