DXB 11/‘23

Dubai, UAE
Real Estate Research
ValuStrat Price Index - Dubai Residential Capital Values
November 2023

IMAGE: JUMEIRAH LAKE TOWERS

THIS REPORT CONTAINS THE MONTHLY SUMMARY OF THE VALUSTRAT

VALUSTRAT.COM PRICE INDEX - DUBAI RESIDENTIAL MARKET.
Dubai Residential
Capital Values
The ValuStrat Price Index (VPI), covering Dubai’s freehold residential market, registers a widening
divergence between villa and apartment markets.

Most desired apartment communities see valuations below previous 2014 market peaks of up to 11.9%,
whilst the villa submarket sees gains as high as 50% over the same period.

The apartment submarket saw capital gains
decelerate 1.9% monthly and expand 14.1%
annually, the highest annual capital growth for
apartments witnessed in a decade. The best
apartment performance compared to the same
period last year was recorded in Discovery
Gardens (24.3%), this is mainly driven by Route
2020 Metro extension, this is followed by Palm
Jumeirah (23.9%), The Greens (22.2%), Motor City
(19.5%), and Town Square (18%).
Villa prices increased 2.5% when compared with
October, and 23.3% since last year. The top
annual performers were villas in highly desired
Jumeirah Islands (30.4%), Palm Jumeirah
(29.4%), Dubai Hills Estate (29.2%), and Mudon
(26%).
Off-plan Oqood (contract) registrations jumped
105% monthly but was still 27.1% lower than the
same period last year, representing a share of
49.5% of overall monthly sales. Ready homes
transactions volume expanded 11.7% monthly and
8.2% annually. November 2023 saw 17 transactions
of ready properties priced over AED 30 million,
these are located in Palm Jumeirah, District One,
Jumeirah Bay, and Dubai Hills Estate.
Topping the sales charts overall this month were
properties developed by Emaar (15.6%), Damac
(8.6%), Nakheel (6.5%), and Falcon City of Wonders
(3.6%). Top off-plan locations transacted this month
included projects located in Jumeirah Village Circle
(12.1%), Business Bay (8.8%), Palm Jebel Ali (6.1%),
and Downtown Dubai (5.3%). While the majority of
ready homes sold were in Jumeirah Village Circle
(8.3%), Falcon City of Wonders (7.5%), Business Bay
(7%), and Dubai Marina (6.7%).

ValuStrat Price Index - Dubai Residential Capital Values November 2023 P.02
 11 /‘23
Real Estate Performance
SOURCE: VALUSTRAT

VALUSTRAT Residential Villa Apartment

Citywide Citywide Citywide
PRICE
INDEX 101.0 130.1 82.9
Base: Jan 2014 = 100 Base: Jan 2014 = 100 Base: Jan 2014 = 100

Key Indicators
SOURCE: VALUSTRAT

RESIDENTIAL

Annual Monthly Weighted Average Weighted Average

Change Change Value Per Sq Ft Capital Values

18.4% 2.2% 1,138 2,367,499

AED AED

VILLA

Annual Monthly Weighted Average Weighted Average

Change Change Value Per Sq Ft Capital Values

23.3% 2.5% 1,825 8,540,646

AED AED

APARTMENT

Annual Monthly Weighted Average Weighted Average

Change Change Value Per Sq Ft Capital Values

14.1% 1.9% 1,032 1,372,180

AED AED

ValuStrat Price Index - Dubai Residential Capital Values November 2023 P.03
Dubai Residential
Citywide Capital Values

SOURCE: VALUSTRAT BASE: Jan 2014=100

140
130.1
130

120
112.9
110
101.0
100

90
82.9
80

70 65.4

60
JUL
OCT
JAN
APR
JUL
OCT
JAN
APR
JUL
OCT
JAN
APR
JUL
OCT
JAN
APR
JUL
OCT
JAN
APR
JUL
OCT
JAN
APR
JUL
OCT
JAN
APR
JUL
OCT
JAN
APR
JUL
OCT
DEC
JAN
APR
JUL
SEP
OCT
NOV
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

RESIDENTIAL VPI APARTMENT VPI VILLA VPI

ValuStrat Price Index - Dubai Residential Capital Values November 2023 P.04
Dubai Residential
Market Cycles

SOURCE: DUBAI LAND DEPARTMENT (READY HOMES SALES) Home Price vs Home Size

PRICE (AED/SQ FT) SIZE(SQ FT)

1,600 2,250
Larger Size
1,400 Higher Price 2,000
Cycle Peak
1,200 1,750
Larger Size
1,500
1,000

Smaller 1,250
800 Size
Lower Price
Cycle Trough Lower Price 1,000
600 Cycle Trough
750

400
500

200
250

0 0
2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023-YTD

PRICE AED/SQ FT SIZE SQ FT

ValuStrat Price Index - Dubai Residential Capital Values November 2023 P.05
Home Sales
Volume Growth - November 23

SOURCE: VALUSTRAT, DUBAI LAND DEPARTMENT

RESIDENTIAL 4,214 RESIDENTIAL 4,292

Transactions Transactions
READY SALES OFF-PLAN SALES
VOLUME 42.6% VOLUME 105.0%
YOY YOY

Dubai Residential Off-Plan

Homes vs Ready Homes
SOURCE: VALUSTRAT, DUBAI LAND DEPARTMENT

Off-Plan 4,292

Ready 4,214

OFF-PLAN: 4,292 READY: 4,214

ValuStrat Price Index - Dubai Residential Capital Values November 2023 P.06
Top Residential
Developers - November 23

SOURCE: VALUSTRAT, DUBAI LAND DEPARTMENT

Emaar 15.6%

Damac 8.6%

Nakheel 6.5%

Falcon City
Of Wonders 3.6%

The Palm
Jumeirah Co. 3.0%

Dubai
Properties 2.9%

Deyaar 2.3%

Sobha 2.1%

Azizi 1.9%

Danube
1.9%

ValuStrat Price Index - Dubai Residential Capital Values November 2023 P.07
Top Locations
Home Sales - November 23

SOURCE: VALUSTRAT, DUBAI LAND DEPARTMENT

Top Off-Plan Sales

Jumeirah
Village
Circle
12.1%

Business
Bay 8.8%

Palm
Jebel Ali 6.1%

Downtown
Dubai 5.3%

Meaisem
Second 4.0%

Top Ready Home Sales

Jumeirah
Village
Circle
8.3%

Falcon city
of Wonders 7.5%

Business Bay 7.0%

Dubai Marina 6.7%

Downtown
Dubai 6.3%

ValuStrat Price Index - Dubai Residential Capital Values November 2023 P.08
Apartment Capital Gains
Since Pandemic Market Trough - November 23

SOURCE: VALUSTRAT

70%

60%

50%

40%

30%

20%

10%

0%
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
SEP
OCT
NOV
2020 2021 2022 2023

PALM JUMEIRAH LAKE BUSINESS BAY

JUMEIRAH (67.3%) TOWERS (28.5%) (23.7%)

JUMEIRAH BEACH DUBAILAND RESIDENCE DUBAI

RESIDENCE (44.3%) COMPLEX (28.0%) MARINA (23.3%)

DISCOVERY INTERNATIONAL
THE GREENS (40.3%)
GARDERNS (27.9%) CITY (20.7%)

BURJ DUBAI PRODUCTION

TOWN SQUARE (26.7%)
KHALIFA (36.6%) CITY (16.5%)

DOWNTOWN
MOTOR CITY (25.1%) REMRAARM (13.1%)
DUBAI (32.9%)

AL QUOZ JUMEIRAH
THE VIEWS (31.9%)
FOURTH (24.9%) VILLAGE (12.3%)

DUBAI SILICON DUBAI SPORTS

AL FURJAN (31.6%)
OASIS (24.7%) CITY (6.8%)

ValuStrat Price Index - Dubai Residential Capital Values November 2023 P.09
Villa Capital Gains
Since Pandemic Market Trough - November 23

SOURCE: VALUSTRAT

120%

100%

90%

80%

60%

40%

30%

20%

0%
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
SEP
OCT
NOV
2020 2021 2022 2023

JUMEIRAH EMIRATES VICTORY AL FURJAN

ISLANDS(121.5%) HILLS (97.0%) HEIGHTS (83.0%) (59.9%)

ARABIAN DUBAI HILLS JUMEIRAH

RANCHES (107.7%) ESTATE (91.5%) VILLAGE (76.2%)

PALM JUMEIRAH GREEN COMMUNITY

JUMEIRAH (101.8%) PARK (89.6%) WEST (75.0%)

MEADOWS (97.8%) THE LAKES (84.2%) MUDON (67.9%)

ValuStrat Price Index - Dubai Residential Capital Values November 2023 P.10
Dubai Residential
Citywide Capital Values - November 23

Typical Villas 13 Villa Locations

BASE: Jan 2014=100

Location VPI Capital Value Monthly Change Annual Change Change Since Market Trough

Al Furjan 95.9 4,857,465 2.6% 15.8% 59.9%

Arabian Ranches 123.3 5,611,920 2.4% 23.3% 107.7%

Dubai Hills Estate 131.3 10,000,000 3.0% 29.2% 91.5%

Emirates Hills 161.1 56,780,000 2.3% 23.7% 97.0%

Green Community 121.3 7,735,000 2.8% 24.1% 75.0%

Jumeirah Islands 127.5 10,224,540 2.9% 30.4% 121.5%

Jumeirah Park 119.2 6,934,400 2.4% 21.4% 89.6%

Jumeirah Village 109.3 2,709,325 2.0% 12.1% 76.2%

Meadows 119.6 6,906,075 2.3% 22.2% 97.8%

Mudon 116.2 2,619,000 2.8% 26.0% 67.9%

Palm Jumeirah 182.0 21,580,000 3.0% 29.4% 101.8%

The Lakes 121.6 5,063,400 2.6% 20.0% 84.2%

Victory Heights 115.2 8,239,380 2.3% 19.5% 83.0%

P.11
ValuStrat Price Index - Dubai Residential Capital Values November 2023
Dubai Residential
Citywide Capital Values - November 23

Typical Apartments 21 Apartment Locations

BASE: Jan 2014=100

Location VPI Capital Value Monthly Change Annual Change Change Since Market Trough

Al Furjan 88.8 454,000 2.3% 15.8% 31.6%

Al Quoz Fourth 84.6 398,400 2.6% 16.5% 24.9%

Burj Khalifa 88.5 2,747,160 1.2% 11.8% 36.6%

Business Bay 87.9 1,055,420 1.8% 12.4% 23.7%

Discovery Gardens 80.2 383,812 3.0% 24.3% 27.9%

Downtown Dubai 83.8 1,539,030 1.9% 14.4% 32.9%

Dubai Marina 76.6 1,865,600 1.8% 12.2% 23.3%

Dubai Production City 77.9 324,350 2.1% 16.1% 16.5%

Dubai Silicon Oasis 83.7 447,216 2.5% 15.0% 24.7%

Dubai Sports City 72.5 772,810 1.6% 5.8% 6.8%

Dubailand Residence Complex 84.9 652,509 2.4% 17.4% 28.0%

International City 74.5 357,500 1.0% 10.1% 20.7%

Jumeirah Beach Residence 92.3 2,832,444 1.2% 13.1% 44.3%

Jumeirah Lake Towers 73.2 1,668,400 1.9% 11.1% 28.5%

Jumeirah Village 68.3 620,559 1.8% 10.2% 12.3%

Motor City 94.4 1,295,850 2.2% 19.5% 25.1%

Palm Jumeirah 119.1 2,847,228 2.7% 23.9% 67.3%

Remraam 78.9 433,580 2.3% 10.5% 13.1%

The Greens 86.9 904,020 2.5% 22.2% 40.3%

The Views 88.5 1,637,500 2.5% 14.7% 31.9%

Town Square 85.6 609,354 2.5% 18.0% 26.7%

ValuStrat Price Index - Dubai Residential Capital Values November 2023 P.12
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About VPI The ValuStrat Price Index or 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.

The VPI for Dubai’s residential capital values is updated on a monthly basis.
The VPI for Dubai’s residential rental values is updated on a quarterly basis.
The VPI for Dubai’s office capital values is updated on a quarterly basis.
The VPI for Dubai’s industrial logistics capital values is updated on a
quarterly basis.

The VPI applies weighted averages using data samples representing up to

95% of the market across the city and is built by our expert RICS
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Research Methodology
Every effort has been made to ensure the accuracy of this document. New
supply data covers 38 defined areas in Dubai including non-freehold areas.
Only completed and under construction projects are included. The new
supply data does not include announced projects, and projects in design
phase. The new supply database does not take into account most private
building projects. Prices are calculated from actual transactions that have
been carefully cleansed to exclude duplicates, bulk sales and outdated
transactions. Rental data is derived from a carefully cleansed database of
listings that don’t include duplicates, potential errors and outliers.

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SI N C E 1 9 7 7

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