Villa prices in ten communities have increased from $340 per square foot in 2013 to $720 per square foot in 2017 due to increased occupancy demand by residents, and high-net-worth individuals.
The latest data published by the international property consultancy ValuStrat shows that Arabian Ranches, Dubai Hills Estate, Emirates Hills, Green Community West, Jumeirah Islands, Jumeirah Park, Palm Jumeirah, The Lakes, The Meadows, and Victory Heights saw the capital value of villas in these communities increase by over 100 percent in 2020-21 to July 2024.
The largest increase in the prices of villas was recorded in Jumeriah Islands where villa prices surged 180 percent in the last four years, Palm jumeriah came second at 155 percent, followed by Arabian Ranches at 144 percent and then Dubai Hills Estate at 136.5 percent with Emirates Hills coming at fourth position with 140 percent.
Having said that, and contrary to most major global cities, the demand for villas, townhouses and larger apartments surged during the pandemic as people shifted to larger homes following access restrictions of movement by the authorities in efforts to curb the spread of the virus.
The good management of the pandemic also triggered wealthy people from other regions to invest in property and live in Dubai, making the city a second home.
“Dubai’s cyclical market was at or near its low in terms of floor space, owners were making new record low prices and the pandemic saw these prices drop further to a point where the supply was cheap and the demand for large space for home office, homeschooling, and outdoor living was surging at a domestic level,” said Haider Tuaima, director and head of real estate research at ValuStrat, media described.
