Dubai's residential capital values for February stood at 78.1 points, 21.9 per cent lower than the 100 point index base of January 2014, according to leading UAE-based local consulting firm ValuStrat.

The pace of monthly price growth was steady at just over 1%, Dubai villa capital values increased 2.1% monthly, and apartments saw marginal growth of just 0.5%, it stated.

All apartment locations monitored by the valuation-based index had positive annual capital gains with the exception of Jumeirah Village (-1%).

Best annual apartment performance with double-digit growth was recorded in highly demanded Palm Jumeirah (21.2%), as well as established locations such as Jumeirah Beach Residence (16.3%), Burj Khalifa (13.7%), The Views (11.2%), and The Greens (10.3%), said the report by ValuStrat.

Villa capital values grew at a constant monthly rate, some areas saw prices become stable such as Mudon (0.5%) and Green Community West (0.7%), it stated.

On an annual basis, the top performers were Jumeirah Islands (40.7%), Arabian Ranches (39.4%), The Lakes (36.7%), and Palm Jumeirah (34.4%). February 2022 saw villas located in Palm Jumeirah go beyond their peaks of 2014 by 3% with 123.8 VPI points.

February residential sales transaction volumes increased 18.9% when compared to the previous month and 105.4% higher than the same period last year.

The month-on-month performance saw cash and mortgage sales of ready properties grow 48.1%, but off-plan Oqood (contract) registrations declined 5.8%, representing 42.9% of overall home transactions.

February saw 17 transactions valued over AED30 million, one such transaction of an off-plan 5-bedroom apartment located in Business Bay sold for AED68.9 million, stated ValuStrat in its report.

Topping the sales charts overall were properties developed by Emaar (19.1%), Damac (14.3%), Nakheel (11.3%), Azizi (6.7%), and Dubai Properties (4.9%).

Top off-plan locations transacted this month included projects located in Meydan One (14.8%), Business Bay (11.4%), Dubai Creek Harbour (7.2%), and Jumeirah Village (6.9%).

Most transacted ready homes were in Damac Lagoons (10.5%), Al Furjan (9.3%), Jumeirah Village (8.5%), Business Bay (7.3%), and Dubai Marina (4.9%), said the report.

Jumeirah Village and Al Furjan broke their individual records with the greatest number of homes sold in one month since 2010, it added.-TradeArabia News Service

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