Dubai residential capital rose in July 2023

Dubai residential capital values rose in July 2023 according to the ValuStrat Index (VPI)

– Monthly capital growth exceeded market peaks of 2014

Compared to June 2023, VPI rose by 2%:

• For Villas increased by 2.4%
• For Apartments went up by 1.6%

Compared to July 2022, VPI went up by 12.8%:

• For Villas rose by 17.1%
• For Apartments increased by 9%

– Areas with the highest annual capital gains:

Villas:

• Jumeirah Islands – 22.2%
• Emirates Hills – 20.4%
• Palm Jumeirah – 20.1%

Apartments:

• Palm Jumeirah – 17.9%
• The Greens – 12.7%
• Discovery Gardens – 11.3%

Average rent in July went up by 22% from July 2022:

• Apartments increased by 21.9%
• Villas rose by 22.6%

According to the global commercial real estate services, CBRE

In June 2023, the average annual rental prices are:

• Apartments – $28,800
• Villas – $87,100

Leading areas in terms of the average rental prices are:

• Apartments – Palm Jumeirah ($69,900)
• Villas – Al Barari ($297,900)