Dubai Home Sales Hit Eight-Year High, Boosting Depressed Prices - Bloomberg
Residential transactions in Dubai surged to the highest level since 2013 in the six months to June, as people sought out larger homes, boosting prices in a market that’s been hamstrung by excess supply for years.
Average home prices rose 2.8% in the six months to June, according to real estate adviser CBRE Group Inc. “Given the strength of demand underpinning the market, we have seen price performance improve considerably,” said Taimur Khan, head of research at CBRE. Still, the increase is from a low base as it compares with prices in June 2020, when the world was grappling with lockdowns.
Transaction volumes soared in the first half, surging 69.2% and 46.4% compared to the same periods in 2020 and 2019 respectively, CBRE said. The top end of Dubai’s housing market, mostly single family homes known as villas, saw a resurgence of demand and led the increase in average prices.
The luxury end of the market has come alive in a city that became a haven for wealthy Europeans escaping lockdowns and for others drawn by the ease of getting vaccinated from Covid-19. The Middle East’s business and tourism hub provided an additional lure after a property downturn that started nearly seven years ago shaved more than a third off values.
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