Dubai home prices edge up in June as real estate transactions soar

Price growth of villas and apartments in Dubai has slowed, new data revealed, as sales transactions have jumped in recent weeks.

Prices for villas grew at a rate of 1.7 percent in June, down from 2.3 percent last year, according to data from real estate consultancy ValuStrat, while apartment prices grew at less than 1 percent in the same period.

Communities of Mudon and Dubai Hills Estate had the lowest price increments of 0.9 percent and 1.1 percent respectively.

Still, villas in Dubai have grown in value since last year – 32 percent more expensive with homes in Arabian Ranches, Jumeirah Islands, and The Meadows recording the highest gains.

Apartment prices grew at an average of 8 percent on an annual basis, but some areas recorded double-digit jumps including Palm Jumeirah and Jumeirah Beach Residence.

These price movements happen on the back of the soaring volume of home sales in the emirate, jumping 41.6 percent in June as compared to May, ValuStrat said. Sales of ready properties rose 46.7 percent, while off-plan registrations increased 35.5 percent.

Major property developers Emaar, Damac, Nakheel, Azizi, and Dubai Properties topped the sales chart in June, the data showed.