Dubai: Property prices hit all-time high, surpassing September 2014 peak

Dubai: Property prices hit all-time high, surpassing September 2014 peak

Published: Tue 19 Dec 2023, 6:26 PM Last updated: Tue 19 Dec 2023, 7:36 PM

Property prices in Dubai continued their upward trend in November, rising by 1.17 per cent to a record high of Dh1,271 per square foot, surpassing the previous all-time high of September 2014, according to the latest figures released by Property Monitor.

After the initial recovery led by villas and townhouses, industry executives say that the apartment segment is now leading the growth phase due to high demand.

Property Monitor said prices rose at a more moderate pace last month and stood three per cent above the 2014 high.

Prices have been consistently on the rise in Dubai after the Covid-19 pandemic due to the huge inflow of foreign residents and investors, resulting in a shortage of residential units, initially in the luxury segment and now in the affordable segment as well.

As reported by Khaleej Times earlier this week, Dubai’s population grew faster than the residential property market supply this year. According to Dubai Statistics Centre data, Dubai added 100,000 new residents in 2023, while only 50,000 new properties were handed over last year. Hence, the emirate needs 50 per cent more new properties to enter the market every year