The real estate market of the United Arab Emirates started to revive at the end of 2020, with the trend extending into 2021. Sales in the first half of the year hit beyond the highest level for the past five years.
However, the market situation in Abu Dhabi and Dubai is different. According to the analysis from the UAE Central Bank, the real estate market is growing at a faster pace in the capital of the UAE in terms of demand and prices. Its Residential Property Sales Price Index (REIDIN) rose by 2.2% from a year ago. Meanwhile, rental prices plunged by over 5.5%.
The central bank’s analysis also revealed in Dubai, the housing prices fell by almost 6% over the same period, while rental rates rose by 1.7%.
However, the UAE’s major financial institution did not mention what data this analysis was based on and which properties were taken into account.
According to top property portals and real estate agencies, demand for homes in Dubai is growing rapidly. This is especially the case for the villas and townhouses sector. The volume and the value of transactions in this sector so far this year have almost reached the figures recorded in the entire 2020.