In December, the ValuStrat Price Index (VPI) reached 103.1 points, a year-on-year increase of 19.9%, with a monthly increase of 2%. Compared to 2014 when the index was at 100 points, reaching its peak at 112.9 points, the current score for apartments is 84.3 points, and for villas, it is 133.1 points.

The report indicates that despite a slowdown in overall market price increases, the residential market in Dubai continues to show strength. In the last month of 2023, capital values for Dubai apartments and villas increased at lower monthly growth rates. Secondary market transactions dominated as off-plan sales saw a significant decline in December.

In terms of specific projects, Joya Garden performed the best in the apartment sector, with an increase of 26.4%. Following are Jumeirah Palm Island (25.4%), Green Community (24.3%), Motor City (20.7%), and City Walk (19.5%). In the villa market, the highest increases were seen in villas located in the sought-after Jumeirah Islands (32.2%), Jumeirah Palm Island (31.9%), Dubai Hills Estate (30.6%), and Mudon (27.2%).

The report also mentions that off-plan registrations decreased by 63.7% monthly and 70.3% annually, indicating soft demand in the off-plan market, accounting for only 28.2% of the total monthly sales of residential units. In comparison, existing home transaction volumes decreased by 1.7% monthly but remained 37.5% higher than the same period last year.

In December 2023, a total of 15 properties with prices exceeding AED 30 million were transacted in the secondary market. These properties were located in Jumeirah Palm Island, District One, Jumeirah Bay, UAE Hills, and Dubai Hills Estate.

Leading the overall sales rankings are real estate projects from developers such as Emaar, Damac, Falcon City of Wonders, and Nakheel. The top-performing off-plan projects this month include Dubai Sea City, Business Bay, Jumeirah Village Circle, and Dubai Harbour.

Furthermore, the sales performance of ready properties in areas like Jumeirah Village Circle, Falcon City of Wonders, Business Bay, and Dubai Hills Estate has also been outstanding.