Villas and apartments in Dubai recorded a strong increase in annual capital returns during the first quarter of 2023, as the real estate sector in the emirate continued to rise after a period of stagnation during the “Covid-19” pandemic.
Villa prices, which account for 13 percent of Dubai’s residential sector, recorded a 17.1 percent growth in value during the three months to the end of March, while apartment prices rose 6.6 percent, according to a report from a real estate advisory firm called Valeostrat.
The Valeostrat price index, which covers Dubai’s residential market, rose 11.4% annually to 88 points.
The villa price index grew by 2.4% during the first quarter, a difference of 3% from the peak of prices in 2014, according to the report.
The Palm Island, Jumeirah Beach District, The Greens and Discovery Gardens were the best areas in terms of quarterly capital rises for apartments.
Consistency of gains
Valeostrat indicated that in March, capital gains for villas were flat, while apartments witnessed a slight acceleration for the first time since the Corona pandemic.
The latest reports come after real estate sales in Dubai and Abu Dhabi increased in the first quarter of the year, in light of the strong movement of the UAE economy thanks to high oil prices and new government initiatives.
The total value of real estate sales transactions in Abu Dhabi during the first three months of this year increased more than three times to 11.6 billion dirhams ($3.15 billion), compared to a value of 3.6 billion dirhams during the same period last year, according to the Property Finder website for real estate advertising. .
2023-05-03 04:20:11
#Valeostrat #Dubai #villas #record #high #profits #conjunction #demand #activity #market
