Dubai property market showed signs of recovery in H2 2020: report

Dubai property market showed signs of recovery in H2 2020: report

The Dubai property market has shown signs of recovery in the second half of the 2020, despite the mobility restrictions and economic downturn caused by the coronavirus pandemic.“Despite early forecasts during the height of mobility restrictions that prices would fall by much higher margins, the market has quickly recovered with price reductions largely being in line with the trends seen across the previous two years,” Bayut & Dubizzle 2020 Annual Property Market Report showed. Based on the data gathered from the two property portals, the sales and rental markets in the emirate have shown a high level of tenacity, with price reductions staying in line with the patterns observed in 2018 and 2019.The record-breaking traffic of over 7 million sessions generated on Bayut & Dubizzle in a single month during December 2020, points to appetite returning to the market in the second half of 2020, the report said.According to their combined annual sales and rental market reports for 2020, the most popular neighborhoods have reported price declines largely between 2-10 percent for properties for sale, while rental properties have seen reductions between 9-17 percent.Rental yields were the highest in Dubai's International City in 2020 with average rental yields at 8.5 percent