Friday, January 22, 2021

Decline in the real estate market in Dubai, but housing prices are largely stable

ValuStart has announced that housing prices have stabilized in Dubai despite lower prices in the Dubai real estate market in general.

Early last year, 2020, the sale of real estate in Dubai decreased significantly, which led to a decrease in prices due to the Corona virus. The sector is still sluggish, but there is hope for improvement as Villas recorded a slight increase in prices due to increased demand from buyers, while apartments continued to decline until stabilized.

ValuStrat’s benchmark index for the emirate stood at 65.3 “stable” points as of December 2020, indicating a slight monthly decline of just 0.1 percent, the lowest rate of decline in three years. On an annual basis, the index recorded a decrease of 13.8 percent from 2019.

“At the end of 2020, home capital values ​​neared stability, as it appears that the downward trend in recent years is now approaching its gradual end,” the consultancy said. “Stability and marginal improvement in prices were observed in 90% of the existing villa complexes, in addition to 63% of freehold apartment areas,” they added.

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