Dubai: Morgan Stanley reports that residential property prices in Dubai will not end soon. Catherine Carpenter and Nida Iqbal, analysts at Morgan Stanley, commented that better demand, increased supply and the introduction of new projects will drive the market to better prices than expected for the next few years.
Property Monitor, a real estate consultancy, reported a 84 per cent difference in the price of properties valued at at least 10 million dirhams in March. Buying real estate is one of the fastest ways to get a residence permit in Dubai today. In addition, the relaxation of restrictions on coronavirus controls announced yesterday will create a favorable environment for real estate sales in the emirate.
Emaar Properties, a leading developer in Dubai, reported 65 per cent growth in villa sales in the first quarter compared to the same month last year. Sales of luxury villas and apartments rose in the first quarter. Sales in the prime real estate segment grew by about 25 per cent year-on-year. Sales of AED 11.6 billion were in the ത്തിൽ category last quarter. Palm Jumeirah topped the list with a turnover of 2.70 billion dirhams. Mohammed bin Rashid transacted 1.37 billion dirhams in the city and 1.27 billion dirhams in Business Bay.