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Dubai property prices to rise for first time in 6 years in 2021, says poll
Reuters/Dubai
File photo
Prices to rise by 1.1% this year and 2.8% in 2022, analysts say
Dubai house prices will rise for the first time in six years this year, supported by a swift vaccine roll out that has lifted hopes for overall economic recovery, according to a Reuters poll of property analysts.
The city’s real estate sector has been weak for years due to oversupply coupled with low economic growth.
But on Monday Dubai eased Covid-19 restrictions and allowed hotels in the hub to operate at full capacity, raising hopes for a region heavily dependent on tourism.
Top spots for villas
Dubai Hills Estate, Arabian Ranches, The Springs and Nakheel’s Nad Al Sheba community made up 30 per cent of all such ready homes sold in the first three months of the year. In all, 2,231 ready villas and townhouses were sold in Q1-2021, quite a big lead on the 673 units in the first three months of last year, according to Property Finder.
A three-bedroom Dubai Hills home currently lists for Dh3.5 million and over, while at Arabian Ranches, there are listings from Dh2.4 million or thereabouts.
According to market sources, recent enquiries have overwhelming favoured ready options rather than buy offplan. It has seen developers push 10-15 per cent straight discounts on their offplan projects to get some of the buyer interest that is out there.