Dubai apartment prices skyrocket most in a decade as home ownership widens

Dubai apartment prices skyrocket most in a decade as home ownership widens

Dubai apartment values surged by the most in nearly a decade in August, broadening a property rally that’s transformed the city into one of the world’s hottest housing markets.The city’s housing boom, so far largely driven by larger single-family homes, is now pushing up prices for apartments that make up about 85 percent of the housing supply in the Middle East’s business and tourism hub.

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Prices for apartments rose 20 percent on average in the year through August, marking the best performance since November 2014, according to real estate adviser CBRE Group Inc. The gains outpaced price increases of 17.3 percent for single family homes, known locally as villas, according to CBRE.

Dubai’s real estate rebound comes after a seven-year slump, fueled by an influx of newcomers — from crypto millionaires and bankers relocating from Asia to wealthy Russians seeking to shield assets. The government has also brought in a slew of reforms, relaxing visa laws and introducing visas for job seekers and freelancers.

While prices for single-family homes soared from pandemic lows, the recovery for apartments had so far been slower. Average prices for apartments are still 9.6 percent