Dubai Property Prices Show Boom Spreading From Prime Districts to Suburbs - Bloomberg
A rally in Dubai’s residential property market that lifted prices for luxury developments in prime districts to record highs is starting to spread to the city’s periphery.
The metropolis, whose most popular neighborhoods run parallel to the shores of the Persian Gulf, is now seeing rising demand for homes in districts stretching eastward into the desert. Transactions in some areas of secondary locations like Silicon Oasis and Sports City — that had remained more affordable — have hit record highs, according to real estate valuation and research firm ValuStrat.
“Affordability is the main driver as everything is becoming more expensive,” said Haider Tuaima, director and head of real estate research at the Dubai-based firm. “Investors are now paying more for less space than they would have three years ago.”
Dubai’s real estate rebound comes after a seven year slump and has been fueled by an influx of newcomers — from crypto millionaires and bankers relocating from Asia to wealthy Russians seeking to shield assets.
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