Predictions of a recession are being rejected by Dubai’s soaring Real Estate Market, suggesting that the Middle Eastern economic metropolis may be emerging from its cycles of boom and bust.
As per the reports by Taimur Khan, the head of research at global property advisory firm CBRE Group Inc, “Prices are continuing to rise and the transient nature of Dubai seems to be well and truly over, whether new or long-standing residents, most are buying for occupancy now and as a result we’re seeing prices remain resilient.”
Real Estate Market experts have predicted the rise in property prices and rents in Dubai- as a result, Dubai is gradually becoming one of the hottest property markets globally. Predictions are still going true despite of continuing tensions from the Israel-Hamas war, rising cost of living and the city’s fading appeal for wealthy Russians.
Surprisingly home prices have risen for 15 consecutive quarters and are 20% higher for the year that concluded in May, as reported by Cushman & Wakefield Core. For 13 quarters running, rents have increased, albeit a little more slowly than they did the year before.
“Demand is coming from everywhere even though the Russian buyers have declined in the market,” said Prathyusha Gurrapu, the head of research and advisory at the real estate consultancy firm.
“Prices at most areas have now surpassed their 2014 peaks and are still growing as buyers keep coming from Europe, India and other South Asian countries,” she said.
Source: Thestar
