DUBAI: Dubai residential property prices rose in April-June for a second straight quarter as demand picked up after the pandemic, consultancy Knight Frank said yesterday, although average prices are still 26 per cent below the last market peak six years ago.
Average transacted prices rose by almost 1pc in the second quarter of this year, following a 0.5pc rise in the first, said Faisal Durrani, Knight Frank’s Head of Middle East Research.
The uptick put some new energy into a property market that saw a sharp fall in activity at the height of the pandemic and had been in a five-year slump prior to that.
The 1pc rise in April-June was the fastest quarterly rise since the summer of 2014. The last time meaningful gains were registered for two consecutive quarters was in the first two quarters of 2014, Durrani told Reuters.
“The momentum that began building late last year has been sustained and we are seeing a slow, but steady upward creep in transacted values,” Durrani said.