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%.

Advertisement

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.

Advertisement

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.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Read More

Dubai’s firms in Private sector to offer an 80% service discount due to Emiratisation deadline

Firms in the private sector of Dubai offered up to 80 per cent of discounts as the Emiratisation deadline overlooks by the end of this year.

After Rape Left her Pregnant; Lady Gaga in Total Psychotic Break!!

Pop musician Lady Gaga once told that she suffered a “total psychotic break” after being raped and was also impregnated by a music producer...

President Mohamed orders distribution of Dh1.5b of housing benefits for Abu Dhabi citizens

President of the UAE, Sheikh Mohamed bin Zayed bin Sultan Al Nahyan has ordered the dissemination of Dh1.5 billion ($410 million) worth of housing benefits to citizens of Abu Dhabi.

Recent

UAE greets world with ‘namaste’ on occasion of 8th International Yoga Day

The Minister of Tolerance and Coexistence, Sheikh Nahyan bin Mubarak Al Nahyan, greeted the world with a sincere 'namaste', a traditional Indian way of greeting, as the UAE observed the eighth International Yoga Day.

Dubai budgets Dh74.5B to adopt a new integrated strategy to enhance SDGs

On January 27, the Dubai authority has approved an integrated strategy to enhance environmental sustainability in Dubai. Reportedly, the strategy will be implemented from...

ZZ Top’s bassist Dusty Hill dies at 72!

Dusty Hill, the bassist of the Texas based Rock band ZZ Top passed away at the age of 72. The other two members of the...