Dubai: Property prices stabilising after 2 years of increase

Dubai: Property prices stabilising after 2 years of increase

Property prices in Dubai are stabilising after rallying for over two years, with records set in Dubai with an uber-luxury apartment being put up for sale for a whopping Dh750 million.

Prices in the affordable areas are nearly stabilising but high-end and luxury segments of the property market are still witnessing an uptick in the rates. This shows that affluent people are still investing in the property market – a trend that started soon after the pandemic.

As per Henley & Partners figures, it is estimated that around 4,500 high-net-worth individuals will flock to the UAE, mainly Dubai, this year to make the Emirates their home.

This has helped the local market set new records across beachfront locations including Palm Jumeirah, Jumeirah Bay Island, Bluewaters and Madinat Jumeirah Living, as well as ‘desert destinations’, such as Tilal Al Ghaf.

However, putting large ticket sales aside, sales price growth appeared to be slowing with quarterly increases of 2 per cent for apartments and 3 per cent for villas. Annual changes stood at 14 per cent and 15 per cent, respectively.

In the second quarter, Dubai continued to record a flurry of new project launches, which are now reaching levels not seen since the pre-global financial crisis