Burj Khalifa, Jumeirah Beach Residence and Town Square recorded the steepest annual price declines among Dubai’s apartment communities in July, as the emirate’s residential property market showed further signs of cooling, according to the ValuStrat Price Index (VPI).
Burj Khalifa led the fall with prices down 19 per cent year-on-year, followed by Jumeirah Beach Residence, down 15.1 per cent, and Town Square, down 8.4 per cent.
Overall, apartment values eased 0.2 per cent month-on-month in July, leaving the segment 4.2 per cent below its level a year earlier. The citywide weighted average apartment capital value came in at Dh1,786,625, with a weighted average value of Dh1,397 per square foot.
Not every community was in decline, however. Dubai Silicon Oasis gains ed1.3 per cent, and also led annual growth at 6 per cent, followed by Dubai Sports City, up 5.4 per cent, and Al Quoz Fourth, up 5 per cent.
Older freehold apartment prices remain 69 per cent above post-pandemic levels but still 8 per cent below the 2014 market peak, the report said.
Villas ease too
Villa capital values slipped 0.4 per cent month-on-month in July, with none of the communities tracked by the VPI recording monthly gains. Despite the monthly dip, annual growth across villas held broadly stable at 0.0 per cent.
The strongest annual gains were logged in Jumeirah Islands, up 15 per cent, Emirates Hills, up 9.1 per cent, The Meadows, up 7.1 per cent, The Villa, up 6.4 per cent, and Mira, up 4.7 per cent.
On the other end, Mudon posted the sharpest annual decline at 7.2 per cent, followed by Victory Heights, down 5.4 per cent, and Dubai Hills Estate, down 5.2 per cent.
Dubai’s older freehold villa communities remain, on average, 187 per cent above post-pandemic levels and 76 per cent above the 2014 market peak, the report said. The citywide weighted average villa capital value stood at Dh12,989,628, with a weighted average value of Dh2,039 per square foot.
The overall Residential VPI stood at 219.2 points in July, down 0.3 per cent from the previous month and 1.6 per cent lower year-on-year, against a January 2021 base of 100.
