Dubai prime property market to remain on a tear – here’s why

Dubai prime property market to remain on a tear – here’s why

By virtue of restoration of international travel and the UAE’s effective action against the Covid-19, the emirate witnessed substantial growth in capital values for luxury homes

According to global real estate advisor Savills, Dubai’s prime residential properties market saw a 4.2% increase in capital value growth in the first half of 2021.

Across the rest major 29 cities in the Savills World Cities Index, capital values advanced by 3.9%, marking the fastest pace of growth rate since December 2016.

Along with Cape Town, Moscow and Lisbon, Dubai was among the best destinations for remote workers. This resulted in growing demand for bigger homes.  

“The return of international travel is likely to provide an increased supply of buyers for prime properties,” said Swapnil Pillai, associate director research at Savills Middle East.

Pillai also noted that the economic recovery and the continuing success against the Covid-19 are expected to further support demand.

The first half of 2021 saw solid figures in many sectors. Thus, it accounted for 27,373 property sales worth $16.89 billion, a 40.2% rise in transaction volume and a 55.87% increase in transactions value compared to H2 2020.  

Savills expects robust demand to continue, especially amid low mortgage rates.

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