Real estate activity booms as Dubai property prices slip to near 2010 lows

  • Date: 07-Sep-2020
  • Source: Arabian Business
  • Sector:Real Estate
  • Country:UAE
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Real estate activity booms as Dubai property prices slip to near 2010 lows

Increasingly affordable property prices in Dubai are fuelling significant growth in sales activity as residential values drop towards those last seen after the global economic crisis a decade ago.

New figures released by real estate experts ValuStrat show that the average price per sq ft in the emirate this year averaged AED911, just AED13 above those from 2010.

By contrast, prices in 2014 - recognised as the value summit - averaged at nearly AED1,400.

"With increasingly affordable secondary market house prices, August saw a significant growth trend in sales activity over the previous months as well as when compared to August last year. Since the lifting of movement restrictions, home sales transaction volumes in Dubai continued what looked like a V-shape recovery trend," ValuStrat said in its latest research note.

The real estate sector