Dubai residential capital values post highest monthly rise in 7 years: ValuStrat 

Latest data show market 'has indeed bottomed out' 

Image used for illustrative purpose.

Image used for illustrative purpose.

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Residential capital values in Dubai inched further up in April 2021 as more property buyers continued to enter the market, according to the latest data from ValuStrat

The research firm’s ValuStrat Price Index (VPI) expanded by 1.2 percent to 67.3 points, the index’s highest monthly growth rate in seven years. However, on an annual basis, the valuation-based index was still 6.5 percent lower than in the previous year. 

Among the properties tracked for the index, those in Jumeirah islands posted the highest monthly increase in values, at 3 percent. Other popular locations, including Emirates Hills, Jumeirah Village Villas and Meadows posted a 2.3 percent rise, while Arabian Ranches saw values jump by 2.2 percent. 

Values have also appreciated in Palm Jumeirah Villas and The Lakes, up by 2.1 percent, as well as in Victory Heights (1.7 percent), Al Furjan (1.6 percent) and Jumeirah Park (1.2 percent). 

During the month, residential sales volumes in Dubai went up by 16.9 percent compared to the previous month. Monthly sales of off-plan and ready homes rose by 30.1 percent and 8.7 percent, respectively. 

“On a citywide level, capital values of residential homes commenced a growth trend, a promising signal that the property market has indeed bottomed out,” ValuStrat said in its report. 

 (Writing by Cleofe Maceda; editing by Seban Scaria) 

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© ZAWYA 2021

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