Dubai's residential property market is on a steady course, with prices expected to rise modestly over the next couple of years, according to a Reuters poll of housing analysts who say property prices there will remain affordable during that time.
The economy has bounced back sharply from the pandemic in the city-state following a successful vaccination drive, and that has spilled into the real estate market, with a continued increase in sales, according to Dubai Land Department records.
Dubai's house prices were forecast to rise 3.0% this year and 2.5% in 2022, compared with 1.1% and 2.8% expected three months ago, according to a Reuters survey of 11 property analysts taken Aug. 11-19.
That modest outlook stands in stark contrast with other world property markets like Canada, Australia and New Zealand where already record-high house prices were expected to rise in double digits this year, stretching the limits of affordability. read more
"Prices overall are still about 36% down from their last peak in 2014, so relatively speaking we are still a long way off from the previous peak," said Faisal Durrani, head of Middle East research at Knight Frank.
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