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Dubai witnesses hike in property price due to rise in investor demand

The prices of property have been on the increase in March all over Dubai due to a rise in investor demand.

The prices of property have been on the increase in March all over Dubai due to a rise in investor demand.

The total number of transactions has reached 7,865 last month, which is an increase of 83.4% compared to last year, while off-plan sales were up 94.6%, and secondary market sales were up by 76.1%.

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The total transaction volumes in the first three months of this year have reached 19,009.

Average residential property prices increased by 11.3% in the first quarter of 2022, as informed by CBRE.

The average apartment prices rose by 10% and villa prices by 20.2%.

In the apartment sector, the Green community has witnessed the biggest month-on-month increase in sales prices during March at 4.9%.

It was then followed by Dubai Sports City (4.5% increase), Jebel Ali (4.2%), Remraam (4%) and Business Bay by (3.9%).

Palm Jumeirah, which is one of the most expensive properties in Dubai, was up by 3%, as was Downtown Dubai in the city.

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In the villa segment, costs on Palm Jumeirah increased the most at 4.8%, along with Jumeirah, on a monthly basis in March. District One and Jumeirah Islands also had significant price increases of 3.8%.

Downtown Dubai increased by 3% month-on-month in March to Dh2,021 per square foot.

The market has also profited from the country’s coronavirus vaccination programme, which was very widespread and has kept cases relatively low.

Taimur Khan, Mena head of Research at CBRE, said, “In spite of a continued rise in the cost of financing and moreover tightening of payment plans, we have yet to see this transactional effect activity in Dubai’s residential market.”

“In fact, the total number of dealings in March reached 7,865, up from 5,598 a month earlier. As a result, this has been the most powerful first quarter on record for Dubai in terms of residential transactions.”

“While average prices and average rents continue to rise, we are seeing a moderation in both sales and rental growth rates in the villa part of the market.”

Tariq Saeed

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