Dubai villa prices rise 3.9% as demand drives property market recovery in Q1

SourceArabian Business
SectorReal Estate
CountryUAE

Dubai’s residential sector enjoyed a strong first quarter, with increased transactions, and broad improvements in villa prices, reflecting growing market confidence, according to Chestertons MENA.

Total transaction value increased by 14.4 percent compared to the previous quarter and 38.8 percent on an annual basis, with volumes rising by 5 percent and 12.1 percent respectively, the real estate consultants said.

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“Overall demand appeared broad-based, with the rise in transactions driven by increased interest from international buyers as well as local investment and end-user demand,” added Chris Hobden, head of Strategic Consultancy, Chestertons MENA.

The total sales value of completed properties increased 15.4 percent compared to the previous three months and near-doubled annually, with transaction volume rising 12.9 percent and 64.4 percent respectively.

While the total value of off-plan sales increased 11.8 percent on a quarterly basis, it remained 22.2 percent down year-on-year, with total sales volume falling 6.8 percent...read more...