Saturday, August 13, 2022
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Property prices in Dubai rose during February

Dubai

Average prices were up 10.7 per cent in the year to February, with average apartment prices rising 9.1 per cent and villa prices increasing 21 per cent

Property prices in Dubai rose in most areas of the city during February, according to CBRE. Transaction volume in the year to date to February reached 11,071 — the highest total recorded in the first two months of the year.

Average prices were up 10.7 per cent in the year to February, with average apartment prices rising 9.1 per cent and villa prices increasing 21 per cent.

The Green Community (DIP) recorded the biggest month-on-month rise in the apartment sector in February, with a 3 per cent gain, followed by Jebel Ali at 2.8 per cent and Jumeirah, Dubai Festival City and Meydan City at 2.7 per cent.

In the villa segment, Jumeirah Village Circle properties rose on average 3 per cent in February, while Palm Jumeirah villas — which are the most expensive in Dubai per square foot — were up 2.9 per cent.

Downtown Dubai is the most expensive area per square foot for apartments, CBRE’s Residential Market Snapshot for March 2022 showed.

The UAE property market has been rebounding on the back of government initiatives, such as residency permits for retirees and remote workers, as well as the expansion of the 10-year golden visa programme, and the economic boost from Expo 2020 Dubai.

The market has also been benefited by the country’s widespread coronavirus vaccination programme, which has kept cases relatively low compared to other countries around the world.

Meanwhile, demand for extra space and additional amenities amid spells of working from home during the past 12 months have also boosted activity within the real estate sector.

In 2022 we have seen payment plans tighten and post-promotion mortgage rates increase. Despite this, residential transaction activity in Dubai is at historic highs, said Taimur Khan, head of research Mena at CBRE in Dubai.

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