Sustained demand drives Dubai home prices up by 17% in 12 months

Sustained demand drives Dubai home prices up by 17% in 12 months

Prime neighbourhoods register 125% increase in prices since January 2020, while city-wide rents jump 22.3% since last summer

Knight Frank says apartment prices are up 21 per cent since January 2020 and currently average Dh1,290 per square foot. — File photo

Published: Wed 16 Aug 2023, 7:24 PM

House prices in Dubai have continued to grow, rising by 4.8 per cent during Q2 2023, the 10th consecutive quarter of growth, according to the latest analysis, by global property consultant, Knight Frank.

This latest increase means residential values have grown by an average of 24 per cent in Dubai’s current and third freehold property market cycle.

Knight Frank says apartment prices are up 21 per cent since January 2020 and currently average Dh1,290 per square foot. Villa prices, which remain in high demand have experienced even stronger growth of 51 per cent over the same time period and are currently priced at an average of Dh1,520 psf.

Faisal Durrani, Partner – Head of Research, Middle East & Africa, said: “Despite the substantial increase in prices, city-wide values still trail the 2014 peak by 11 per cent. And as things stand, the relatively long-run of price growth is showing no signs of slowing. If anything, all the market