Home values in Dubai have continued to rise for 15 consecutive quarters, and rose by 20% for the year ending in May, while rents have risen for 13 consecutive quarters, according to Cushman & Wakefield Core.
Bloomberg quoted Prathyusha Gurapu, head of research and consulting at the company, as saying: “Demand is coming from everywhere. Prices in most regions have now exceeded their peak recorded in 2014 and are still increasing as buyers continue to come from Europe, India and other South Asian countries.”
In turn, a report by the global real estate consulting company CBRE confirmed that the real estate market in Dubai maintains its activity and strong recovery. Taimur Khan, head of research at the real estate consulting firm CBRE, said that prices continue to rise, noting that whether residents are new or long-time, most of them are buying now.
Dubai achieved a record number of real estate transactions last year, according to real estate consulting firm Knight Frank LLP. In the first three months of this year, the city has already recorded real estate transactions worth 89.2 billion dirhams.
Prices in Dubai have risen by 60% since the end of 2020, while rents have jumped by a high rate of 83%, according to calculations by Cushman & Wakefield Core. This recovery was supported by an influx of wealthy investors seeking to protect their assets, cryptocurrency millionaires, and wealthy Indians looking for a second home. Dubai’s successful handling of the pandemic and visa facilitation has also attracted more foreign buyers.