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Dubai property prices on a rise as residential units decrease

The next phase of market recovery is largely dependent on high rises and townhouses

Dubai’s residential property market is on a steady incline and the experts predict that prices will rise modestly over the next couple of years as the number of available properties and villas decrease, which will drive the next phase of market growth and economy, according to media reports.

Dubai’s real estate market has been getting back to the game since November last year, but what primarily drives the sector is the sale of single or detached homes, as well as row houses. Apartment sales, on the other hand, have been quite slower to recover.

Experts have also indicated that this trend will shift slightly since Dubai is set to welcome tens of thousands of visitors every month starting October, and new villa listings are slowing down.

Zhann Jochinke, COO of Property Monitor told the media, “Over the coming months, expect apartment prices to climb, and with Expo 2020 only a couple of weeks away, the expected influx of tourists and would-be investors is sure to increase interest in this segment, particularly $272,000 to $816,000 price range.”

“Apartments are now just starting to see price appreciation across the wider market. As the rapid price appreciation of villas and townhouses has priced out some prospective home buyers, many are likely to reconsider apartment living and buy now to avail [themselves of] favourable lending conditions and secure good deals.”

Altogether, villas and townhouses were responsible for an increase of 23 percent in annual price. Till June 2021, 6,650 apartments and 1,500 villas were completed and even though new projects have been coming in comparatively slowly due to the recurrent nature of Covid-19, it is still present in a significant volume.

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