Dubai residential capital values rose

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

Dubai villa market has exceeded market peaks of 2014

Compared to September 2023, VPI rose by 2.4%:

For Villas increased by 2.7%

For Apartments increased by 2%

Compared to October 2022, VPI rose by 16.8%:

For Villas increased by 21.6%

For Apartments increased by 12.5%

Areas with the highest annual capital gains:

Villas:

Jumeirah Islands – 28.3%

Palm Jumeirah – 27%

Dubai Hills Estate – 26.9%

Apartments:

Palm Jumeirah – 22.1%

Discovery Gardens – 20.7%

The Greens – 20%

Rental prices continued to rise in October 2023

According to the global commercial real estate services company, CBRE

Average annual rents increased by 19.7% from October 2022:

Apartments rose by 19.9%

Villas rose by 18%

In October 2023, the average annual rental prices are:

Apartments – $30,000

Villas – $87,900

Leading areas in terms of the highest rental prices:

Apartments – Palm Jumeirah ($69,800)

Villas – Al Barari ($298,700)