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GCC real estate shows signs of rebounding
Property prices in Dubai grow for the first time since 2016
After five years of doom and gloom, property prices in Dubai, which is widely regarded as the region’s bellwether property market, finally started to rebound this year.
The renewed positivity for Dubai real estate, coupled with ongoing increases in home ownership rates in Saudi Arabia, mean that for the first time in half a decade, the GCC real estate market has reasons to be positive.
“At the end of January, villa values [in Dubai] turned positive in terms of price growth for the first time since 2016, with regards to transacted prices,” says Faisal Durrani, head of Middle East research at real estate consultancy Knight Frank.
Another market segment showing signs of recovery is high-end property. “For homes priced at more than $1m (AED3.6m), at the end of the first quarter of this year the number of transactions that took place in that segment was up 41 per cent year-on-year, with 295 deals. That is the highest level since mid-2015,” says Durrani. Read more here
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