Property prices in Dubai are likely to fall further in 2021, albeit at a slower rate, despite a strong finish last year after the initial impact of the coronavirus pandemic, according to Chestertons.
The real estate consultants said Dubai’s residential sector enjoyed a comparatively strong second half of 2020, supported by an increase in completed property sales and continued tenant demand across more-established villa communities.
Its latest research showed that while the total value of residential property sales fell by almost 14 percent in 2020 to AED55.46 billion from AED64.34 billion in 2019, completed property sales gained pace over the second half of last year, reaching AED21.67 billion, up 35.5 percent from AED15.99 billion seen in H2 2019.
Chestertons said villa sales prices recorded a 3.6 percent decline in 2020, with the overall annual fall eased by a robust final quarter.
Apartment sales price declines were more pronounced, falling 9.5 percent year-on-year, with continued unit completions continuing to place downward pressure on values. In the rental sector, villa rents witnessed an annual fall of 5.3 percent while apartment rents fell by 12.4 percent.
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