Property purchases in Dubai reached an eight-year high in the first half of 2021 amid rising demand for more space in connection with the pandemic-driven shift toward remote work.
Overall transactions soared by 69.2% and 46.4%, compared to the same period in 2020 and 2019, respectively, according to the latest CBRE research report.
Sales of existing homes in Dubai rose by a whopping 148.4%, while off-plan transactions had a subdued increase of 13.4% over the same period.
In terms of prices, the apartments segment showed a 1.8% decline. Meanwhile, villa prices advanced by 12.7%.
Dubai’s rental sector
Average rents in Dubai fell by 5.9% amid an 8.1% decline in apartment rental rates.
While total rents have declined, other analysts said some landlords in Dubai asked for a rent increase this year; however, the request was limited to properties in upscale locations.