Dubai rally broadens to affordable property market

Dubai rally broadens to affordable property market

Increase has been notable in Discovery Gardens, Motor City, The Green and Production City

General view of the Discovery Gardens community in Dubai. — KT file

Published: Mon 24 Jul 2023, 7:21 PM

Rally in the Dubai residential property prices has broadened to the affordable segment for the first time since the pandemic, according to ValuStrat’s second-quarter estimates.

The price increase has been notable in Discovery Gardens, Motor City, The Green and Production City, said the real estate valuation and advisory services firm.

The rally in the local property prices has been led by the ultra-luxury segment after the pandemic as a large of high net-worth individuals – mostly from India, Europe, Russia and other Asian countries – flocked to the country, attracted by safety, quality of life and the world-class healthcare system. Prices in high-end areas more than doubled with individual unit prices hitting record highs in the past two years.

“In an intriguing turn of events, the affordable segment of the market witnessed evident capital gains for the first time since the pandemic; lower priced and high-yield areas observed notable quarterly growth, such as Discovery Gardens (4.5 per cent), Motor City (4.3 per cent), The Greens (3.9 per cent), and Dubai Production City (3.4