Dubai’s prime residential market grows at highest pace globally

Emirate’s mainstream real estate market prices are up 13% year on year, but still 15% below the 2014 peak

Dubai’s residential market is no longer driven by speculative activities but by genuine end-users as the prime residential segment has grown at the highest pace in the world in the last one year, say analysts.

The emirate’s mainstream real estate market prices are up 13 per cent year on year, but still 15 per cent below the 2014 peak. However, some pockets have exceeded the 2014 level, according to global real estate consultancy Knight Frank.

The emirate’s luxury real estate market has seen unprecedented growth with record-setting deals in the past one-and-a-half year. The emirate has seen the most expensive properties being sold, with one of them on Palm Jumeirah going for Dh600 million. Meanwhile, this record is set to break soon as a new ultra-luxury apartment in Bugatti Residences by Binghatti has been put on sale for Dh750 million.

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