Average residential property prices in Dubai rose 4.4% in the 12 months to August, the highest annual growth since February 2015, real estate investment firm CBRE Group said on Thursday.
However, an ongoing fall in rents signalled continued weakness in the long-troubled sector. Dubai rents continued to trend lower, falling by 2.7% on average in the year ending in August, CBRE said in a report.
Reuters reported in March that the luxury segment of Dubai's property market has seen a boost following a sharp downturn due to COVID-19, but recovery for the sector is still a long way off. read more
Even before the pandemic, the long-term economic trend in the United Arab Emirates had been sluggish since the 2014-2015 oil price crash. Supply has outpaced demand for new houses and apartments for years in a market where most of the population are foreigners, many of whom left during the pandemic.
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