
Dubai: Why Villa Prices In These Communities Have More Than Doubled In 4 Years?
Location | 2020-2021 | July 2024 | % change |
Arabian Ranches | 2.7 | 6.6 | 144.4 |
Dubai Hills Estate | 5.2 | 12.3 | 136.5 |
Emirates Hills | 28.8 | 69.2 | 140.0 |
Green Community West | 4.4 | 9.1 | 107.0 |
Jumeirah Islands | 4.6 | 12.9 | 180.4 |
Jumeirah Park | 3.7 | 8.2 | 121.6 |
Palm Jumeirah | 10.7 | 27.3 | 155.0 |
The Lakes | 2.7 | 6.0 | 122.2 |
The Meadows | 3.5 | 8.2 | 134.2 |
Victory Heights | 4.5 | 9.9 | 120.0 |
(Price in million dirhams)
Source: ValuStrat, KT Reseaerch
The inflow of millionaires into Dubai also saw demand and prices of villas and townhouses jumping multifold in the post-pandemic period. Dubai now houses 72,500 millionaires, 212 centi-millionaires and 15 billionaires.
According to the Wealth Migration Report 2024 released by Henley and Partners, more than 6,700 millionaires will relocate to the UAE this year, putting the Emirates at the top of all the countries in attracting the highest number of high-net-worth individuals.
Going forward, the Global Wealth Report released by Swiss bank UBS projected that the number of millionaires with assets of over $1 million will increase by nearly 29,866 or 15 per cent from 202,201 in 2023 to 232,067 in 2028.
Haider Tuaima. Photo: SuppliedTuaima expects demand for villas and townhouses to remain robust, with more communities expected to double in value by the end of the year.
According to the latest report released by Asteco, as many as 3,925 villas were completed in Dubai in the first half of this year, including 1,175 in the second quarter. It projected 5,000 villas to be delivered by the end of 2024.
“Given the current market conditions, we anticipate an additional 10 per cent increase in villa values during the second half of the year,” he said.
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