Dubai apartment, villa prices surge in Q1 as demand rises

Dubai apartment, villa prices surge in Q1 as demand rises

The residential capital value has grown up to 19 per cent annually as the market is progressing rapidly, thanks to the government’s initiatives, visa reforms, Expo 2020 and the influx of foreign investors

The property market will continue attracting foreigners with its new developments, lucrative opportunities, and investor-friendly policies. — Supplied photo

By Staff Report Published: Mon 25 Apr 2022, 3:27 PM

The Dubai property market has started the year 2022 on a high note, with the first quarter producing record-breaking numbers as the total transactions reached 19,009 by the end of March, concluding the best first quarter ever in the Dubai property market.

According to Zoom Property Insights, the residential capital value has grown up to 19 per cent annually as the market is progressing rapidly, thanks to the government’s initiatives, visa reforms, Expo 2020 and the influx of foreign investors during the January-March quarter.

The average property prices in Dubai recorded year-on-year increase of 11.4 per cent during the quarter, with average apartment and villa prices rising by 10 per cent and 20.2 per cent, respectively, due to higher demand in the market.

Ata Shobeiry, CEO at Zoom Property, believes that after a strong 2021, the market will continue its golden run in 2022