Dubai house prices continued to rise in the second quarter of 2022, up 10.1% from last summer to an average of AED1,100 per square foot, consultancy Knight Frank said in a new report.
“Price rises in Dubai have been sustained in Q2, albeit we have noted a slowdown in the rate of growth,” said Faisal Durrani, Partner – Head of Middle East Research, Knight Frank.
On the other hand, the mainstream market has seen a growth in demand of 10.1% in the last 12 months, with villas continuing to lead the charge.
Villa values jumped 19.3% higher compared to last summer, but the “emerging tone for pricing is one of the less steep rises”.
Although Knight Frank said values are growing “more sustainably”, villa prices have slowed year on year from about 20% at the end of March to 21% at the end of last year.
According to the report, demand for ultra-prime properties remained steady but “continues to intensify”.
Villas at the very top of the price spectrum in Dubai’s most expensive neighborhoods continue to record strong price growth, which is lifting entire markets, Durrani stated.
Palm Jumeirah villa prices have risen 51% in the past 12 months, up 68% since the pandemic began, according to the Report, highlighting extreme demand for luxury homes in the city.
