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The prices of apartments and villas in Dubai rose in the first quarter, indicating a broader recovery in the property market as the economy rebounds from the coronavirus pandemic, according to a new report from Asteco.
Apartment prices in the emirate increased 3 per cent on a quarterly basis, while prices of villas jumped 6 per cent during the period, the report said. On an annual basis, prices dropped 2 per cent but villa prices increased 3 per cent.
“The villa segment witnessed a marked increase [in demand],” Asteco said.
“For example, villa sales prices in Arabian Ranches, Meadows and Springs rose by 9 per cent on average over the quarter. Apartment sales also fared better with quarterly increases of 5 per cent in Jumeirah Village and Dubai Sports City.”