#Dubai: Property prices rise for 15th consecutive quarter, affordable segment leads

Dubai: Property prices rise for 15th consecutive quarter, affordable segment leads

Property prices in Dubai rose for the 15th consecutive quarter during the January-March 2024 period, mainly driven by affordable and mid-market communities.

Analysts say that Discovery Gardens, Sports City and Dubailand apartments saw the highest increase in prices as demand from residents and foreign investors continued to keep the prices higher.

The city is seeing villa owners renovating older units and reselling at notably higher prices to keep up with the demand.

“There are no signs of capital values slowing down yet, with city-wide sales prices rising for the 15th consecutive quarter. City-wide sales prices are up by 20 per cent year-on-year and 66 per cent higher than the first quarter of 2020 (pre-Covid19),” said Prathyusha Gurrapu, director and head of research and consultancy at Cushman & Wakefield Core.

Gurrapu also added that the price rise for apartments is moderate, particularly in the prime sub-markets including Palm Jumeirah, City Walk, Downtown Dubai and Dubai Marina, where sales price increases have moderated to below 20 per cent year-on-year.

Property rallies that started after the Covid-19 pandemic continued in 2024, as prices are still much more affordable than most cities around the world, attracting a large number of investors.