Dubai home sales hit 8-year high, boosting depressed prices

Dubai

RESIDENTIAL transactions in Dubai surged to the highest level since 2013 in the six months to June, as people sought out larger homes, boosting prices in a market that has been hamstrung by excess supply for years. Average home prices rose 2.8 per cent in the six months to June, said real estate adviser CBRE Group.

"Given the strength of demand underpinning the market, we have seen price performance improve considerably," said Taimur Khan, head of research at CBRE. Still, the increase is from a low base as it compares with prices in June 2020, when the world was grappling with lockdowns.