Dubai : In August, Dubai witnessed a significant surge in apartment values, marking the most substantial increase in nearly a decade. This surge is part of a larger property rally that has turned Dubai into one of the world’s most dynamic housing markets.
While the city’s housing boom has primarily been driven by larger single-family homes until now, it is now also affecting apartment prices, which constitute approximately over 80% of the housing inventory in the Middle East’s prominent business and tourism hub.
According to CBRE Group Inc., apartment prices recorded an average 20% increase in the year leading up to August, representing the strongest performance since November 2014.
Dubai & Real Estate
Dubai’s real estate sector is experiencing a remarkable recovery following a prolonged seven-year downturn. This resurgence can be attributed to a wave of new arrivals, including crypto millionaires, Asian-based bankers, and affluent Russians seeking to safeguard their assets.
Additionally, the government has implemented a series of reforms, such as relaxing visa regulations and introducing visas tailored for job seekers and freelancers.
A property valuation and research firm claim its data is derived from a fixed set of properties representative of the market, reported that apartment prices, on average, increased by 10% in the year leading up to August.
The most substantial annual price hikes were observed on Palm Jumeirah, the man-made island, where prices surged over 20 percent.
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