Dubai property prices continue to rise amid economic recovery and higher demand
Property prices in Dubai rose 15 per cent in July, as the emirate’s economy recovers from the coronavirus pandemic on the back of the UAE's vaccination programme and new stimulus measures, according to Property Finder.
The average property price in the emirate climbed to Dh941 per square foot ($256) last month from Dh818 per square foot recorded during the same month last year, the real estate portal's monthly market report said.
Overall, property prices in Dubai have jumped 11.8 per cent this year, mirroring the global trend in the property market as the world recovers from the pandemic. Prices rose 1.9 per cent in July compared to the previous month.
“Although growth has been very strong, we expect the pace of recovery to slow over the rest of 2021, moving to a more sustainable pace across Dubai,” the report said.
“Looking across the world, double-digit price rises have been seen in the UK, the US, Canada, Scandinavia and parts of Europe, so the local recovery is very much part of a global trend as the world recovers from the pandemic.”
The UAE property market, which softened due to a three-year oil price slump that began in 2014, oversupply concerns and the pandemic, is showing signs of a recovery as people upgrade to larger homes with outdoor amenities amid an uptick in working and learning remotely.
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