DUBAI’S PROPERTY SALES TRANSACTIONS HIT EIGHT-YEAR HIGH AS DEMAND FOR BIGGER HOMES RISES

Average residential prices in the emirate jumped 2.8% in the first half of 2021, CBRE says

Residential transactions in Dubai hit an eight-year high in the first half of 2021 as demand for bigger homes increased amid the continued recovery of the property market from the coronavirus-induced slowdown.

Total transactions in the six months to the end of June surged 69.2 percent and 46.4 percent, compared to the same period in 2020 and 2019, respectively, according to CBRE Research.

Average home prices during the period jumped an annual 2.8 percent.

“ The increase in average prices has, in most parts, been led by villas, where – regardless of the grade of the community – we have largely seen price increases since around mid-2020,” the report said.

“ In the apartments segment of the market, the trend has been less uniform, with only a select number of communities seeing price growth in 2020 and, in those locations where we have seen price growth in 2021, in most cases the rate of change has been more constrained in comparison to the villa market.”

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