Dubai’s prime house values jump 59% in 12 months

Dubai’s prime house values jump 59% in 12 months

House prices in Dubai grew by 10.6 per cent in 2021 and rose by a further 2.6 per cent during the first three months of 2022, according to Knight Frank’s analysis.

Published: Wed 11 May 2022, 5:08 PM Last updated: Wed 11 May 2022, 5:11 PM

Prices of prime residential properties in Dubai recorded an almost 60 per cent jump over the past 12 months, underscoring the rebound of the property market boom triggered by the return of investors and international buyers.

House prices in Dubai grew by 10.6 per cent in 2021 and rose by a further 2.6 per cent during the first three months of 2022, according to Knight Frank’s analysis.

The latest increase leaves values 11.3 per cent higher than Q1 2021; the highest rate of annual growth since January 2015.

However, according to an analysis by Luxhabitat Sotheby, based on data from the Dubai Land Department, luxury property prices in Dubai slipped by six per cent in the first quarter of 2022, with an average price of prime property at Dh4.5 million. As per the data, Dubai’s prime residential market saw a minimal surge in volume in Q1 2022 of 1.03 per cent at Dh17.28 billion compared to the previous quarter.

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