According to the ValuStrat Price Index (VPI), Burj Khalifa, Jumeirah Beach Residence, and Town Square recorded the highest annual price drop among Dubai's apartment areas in July; a sign of further cooling in the city's real estate market.
Burj Khalifa experienced the largest drop with a 19% decrease compared to last year. Following it, JBR saw a decline of 15.1% and Town Square recorded an 8.4% decrease.

Overall, apartment values in July decreased by 0.2% compared to the previous month, resulting in this sector being 4.2% lower than last year's level.
The weighted average capital value of apartments across Dubai reached AED 1,786,625, with the weighted average price per square foot at AED 1,397.
However, not all areas faced price declines. Dubai Silicon Oasis saw a 1.3% growth in July and topped the annual growth with a 6% increase. Following it, Dubai Sports City recorded a 5.4% growth and Al Quoz Fort saw a 5% increase.

According to this report, the prices of older apartments in freehold areas of Dubai remain 69% higher than the post-COVID level, but still 8% lower than the market peak in 2014.
Transaction data shows that the market is still moving towards ready homes.
The number of transactions for ready homes in July increased by 11.4% compared to the previous month, reaching 3,546 transactions; however, the volume of these transactions remains 26.4% lower compared to last year.
In contrast, the registration of off-plan property transactions decreased by 1.1% compared to the previous month and was 45.3% lower on an annual basis. A total of 9,475 off-plan transactions were recorded.
Despite this decline, off-plan properties still dominated the market, accounting for 72.8% of total residential sales in July, while ready homes made up 27.2%.
In July, 22 transactions for ready properties valued over AED 30 million were recorded, of which 6 transactions were priced above AED 50 million.

Source: Gulf Times