Apartments in Dubai’s prime spots see double-digit price increases amid real estate boom

Apartments in Palm Jumeirah were 18.8 percent more expensive in July this year, while prices of units in Burj Khalifa were up 17.8 percent

The value of apartments in Dubai’s prime areas have recorded double-digit increases in July, compared to the same period last year, amid a real estate boom in the emirate.

Apartments in Palm Jumeirah were 18.8 percent more expensive in July this year, while prices of units in Burj Khalifa were up 17.8 percent. Jumeirah Beach Residence apartments also recorded a 13.8 percent increase.

On average, apartments in Dubai recorded a moderate 7.9 percent in annual capital gains, a new ValuStrat report showed.

These numbers come as the UAE emirate saw record real estate transactions in recent months – hitting $6.9 billion in sales in June, the highest figure in 13 years, according to data from the Dubai Land Department.

The lowest annual price growth was seen in Dubai Production City at 0.5 percent, Discovery Gardens at 0.8 percent, and Motor City at 1.5 percent. Apartments in Dubai Sports City saw no movement in prices, the report said.

Villas still led Dubai residential properties’ price increments with an annual average jump of 29.9 percent. Homes in Arabian Ranches recorded the highest increment at 36 percent, followed by units in Jumeirah Islands at 34.4 percent, and those in Jumeirah Village at 30.6 percent.

According to the real estate consultancy firm, the volume of home sales in the emirate fell 19.3 percent in July when compared to June.

Real estate giant Emaar topped the sales chart, followed by Damac and Nakheel.

Source: Arabian Business /