#Dubai Home Sales Surge Even as Prices for Larger Houses Moderate - Bloomberg

Dubai Home Sales Surge Even as Prices for Larger Houses Moderate - Bloomberg

Dubai home sales jumped 42% in June, consulting firm ValuStrat said, though price growth slowed for larger single-family houses.

Prices for villas grew at a monthly rate of 1.7% in June, down from an average of 2.3% per month last year. Still, on an annual basis, prices are 32.2% higher, the consulting firm said in a report on Thursday.

Villas comprise less than 20% of the city’s housing supply and proved popular after the pandemic as people sought out more space. Meanwhile, prices for apartments, which make up the vast majority of housing supply in Dubai, grew at less than 1% in June, according to ValuStrat.

Dubai’s property market is recovering from a seven-year slump, helped by factors including an increase in Russian buyers looking to safeguard their wealth. The city’s nimble handling of the pandemic also helped shore up the market, a key sector for the Middle East’s business hub.