Dubai apartment, villa deals hit Dh61.9b till May

Dubai apartment, villa deals hit Dh61.9b till May

Dubai: Apartment and villa transactions worth Dh61.9 billion have taken place in Dubai between January and May 2022, a report said on Monday, highlighting how the real estate market has continued to perform well even as global economies struggle to fight inflation amid tightening markets. With the house price growth expected to hover near 5-7 per cent in the mainstream markets and 12-15 per cent in the prime markets, residential property in the emirate is likely to remain an excellent hedge against this inflation, said a senior official at Knight Frank. “There are many reasons for cautious optimism when it comes to containing inflation in the UAE. The government’s extremely diversified imports strategy, steps to boost food security in recent years and the strength of the US dollar, which is curtailing imported inflation, are all huge positives,” said Faisal Durrani, Partner – Head of Middle East Research. By far the most effective measure is the government’s pre-emptive move to freeze the price for 11,000 basic goods, including milk, bread, meat and poultry. The policy has been bolstered by the surge in crude oil prices, which is going to underpin a sharp turnaround in economic growth, he added. Citing data from