Realty prices to rise in Dubai in six years | SR News update

Realty prices to rise in Dubai in six years | SR News update

The property prices in Dubai are all set to rise for the first time in six years, as per the Reuters poll of property analysts. The rise is caused by the hopes for an overall economic recovery fuelled by a swift vaccination drive. A report by SURFACES REPORTER (SR).

 

Real estate in Dubai has been suffering for a few years owing to the chronic oversupply along with low economic growth. The situation was worsened further due to the COVID-19 pandemic.

However, the beginning of this week has brought a smile on the faces of the residents of Dubai when the second-wealthiest emirate in the UAE eased COVID-19 restrictions and hotels were allowed to operate at full capacity. The move has raised high hopes for the rise in tourism, an essential growth tool for the reason.

The May 11-19 Reuters poll of 10 analysts forecast Dubai house prices would rise 1.1% this year and 2.8% next, marking a complete U-turn in expectations from a January survey when prices were forecast to decline 2.0% in both years.

The Dubai Statistics Center has also projected a growth of 4.0% in 2021 after an estimated 6.2% contraction last year.

Text credit: Economic Times

Keep reading SURFACES REPORTER for more such articles and stories.

Join us in SOCIAL MEDIA to stay updated

SR FACEBOOK | SR LINKEDIN | SR INSTAGRAM | SR YOUTUBE

Further, Subscribe to our magazine Sign Up for the FREE Surfaces Reporter Magazine Newsletter

Also, check out Surfaces Reporter’s encouraging, exciting and educational WEBINARS here.

You may also like to read about:

Office space looks forward to the IT Hiring spree | ANAROCK | SR News update

Apex Court scraps WB real estate act | SR News Update

Boom expected in Noida real estate with Microsoft & Adani | SR News Update

And more…

×
×

Post Your Comment


"Content that powers your Business. News that keeps you informed."

Surfaces Reporter is one of India's leading media in Print & Digital Telecast for News on Interiors & Architecture Projects, Products, Building Materials, and the Business of Design! Since 2011, it serves as a referral for designers & architects to know about inspiring projects and source new products. If you have a Product or Project worth publishing in Surfaces Reporter, please email us hello@surfacesreporter.com or you can also submit your project online.

Like Surfaces Reporter on Facebook | Follow us on Twitter and Instagram | Subscribe to our magazine | Sign Up for the FREE Surfaces Reporter Magazine Newsletter

Budget 2023-24: Reactions from Corporate and Real Estate Experts

Post-budget reactions from real estate and building industry veterans on the major Budget announcements.

Read more

Construction bans are hurting the sector badly, Real estate sector lobby to the Environment Minister

As the pollution continues to rise in Delhi-NCR, the government has recently temporarily banned construction activities. However, the continuous banning has hurt the sector badly which was conveyed to the Environment Minister by the real estate fraternity. A report by SURFACES REPORTER (SR).

Read more

Dubai’s 100-Storey Hypertower to be the World’s Tallest Residential Building

The Burj Binghatti Jacob & Co Residences aims to set a record as one of the tallest residential constructions in the world with its 100 storeys.

Read more

Crystal-Like Crown Highlights The World’s Largest Residential Tower, Taking Shape In Dubai | Burj Binghatti

With over 100 stories, the new skyscraper surpasses New York’s Central Park Tower, the tallest residential tower in the world, standing at a proud 472 m (1,550 ft).

Read more


This is alt