Dubai apartment values surged by the most in nearly a decade in August, broadening a property rally that’s transformed the city into one of the world’s hottest housing markets.
The city’s housing boom, so far largely driven by larger single-family homes, is now pushing up prices for apartments that make up about 85% of the housing supply in the Middle East’s business and tourism hub.
Prices for apartments rose 20% on average in the year through August, marking the best performance since November 2014, according to real estate adviser CBRE Group Inc. The gains outpaced price increases of 17.3% for single family homes, known locally as villas, according to CBRE.
Dubai’s real estate rebound comes after a seven year slump, fueled by an influx of newcomers — from crypto millionaires and bankers relocating from Asia to wealthy Russians seeking to shield assets. The government has also brought in a slew of reforms, relaxing visa laws and introducing visas for job seekers and freelancers.
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