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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.”
Abu Dhabi, Dubai villa rents witness slight increase in Q1
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Abu Dhabi, Dubai villa rents witness slight increase in Q1
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Property prices in the UAE are expected to stabilise in 2021 as the economy recovers from the coronavirus pandemic-induced slowdown and government initiatives spur growth, according to analysts.
“Once Covid 19 is resolved, things will be better economy wise and, of course, Dubai Expo is coming next year and there is the 50-year anniversary of the UAE,” Haider Tuaima, head of real estate research at ValuStrat consultancy tells
The National. “There are a lot of positive things going forward. The market could be heading towards bottoming out next year.”
We expect more investments to happen next year, especially from China that will help the market