Prices of villas and apartments have leaped up in Dubai by as much as 27 percent in the second quarter of this fiscal, with a clear recovery in the UAE’s real estate sector, battered by a sluggish demand for years.
According to property management firm, Asteco’s latest report, Jumeirah Park saw the highest rise in sales price increase – 27 percent from Q1 to Q2 2021. This was followed by the Springs, which saw an increase of 24 percent and Dubai Hills Estate, where prices rose by 19 percent.
Dubai apartment sales prices also increased across the board, with the Palm Jumeirah seeing the highest increase from Q1 to Q2 – 13 percent – followed by Business Bay at 12 percent and Jumeirah Lakes Towers (JLT) at 10 percent.
As the trend towards larger spaces continued, Arabian Ranches villa rental prices also increased by 19 percent, followed by Dubai Sports City at 14 percent and Dubai Hills Estate at 13 percent.
Demand for apartments
Apartment rental prices also rose, with Jumeirah Village seeing the largest increase at seven percent, and only International City seeing prices fall, by one percent.
“Most Dubai communities recorded rental rate growth in Q2 2021, resulting in an average increase of three percent and eight for apartments and villas, respectively,” Asteco said.
“While average apartment rental rates remained in contraction at three percent compared with the same period last year, villa rental rates grew by a robust 10 percent.”
In Abu Dhabi, the growth was softer, with only two out of seven
