Dubai: affordable communities record rise in property prices
In Q2 2023 affordable housing prices in Dubai recorded growth in the second quarter for the first time since the onset of Covid-19 pandemic. This is evidenced by the data of the real estate consulting company ValuStrat.
The ValuStrat Price Index (VPI) rose 11.7% year on year and 3.4% quaterly.
Villa prices rose 15.8% annually and 4.3% quaterly, apartments added 8.1% yoy and 2.6% quaterly.
The affordable market showed “clear growth for the first time since the pandemic” with prices up 4.5% at Discovery Gardens, 4.3% at Motor City, 3.9% at The Greens and 3.4% at Dubai Production City.
Off-plan property sales in the 2nd quarter of 2023 increased by 75.7% year on year, while the average purchase budget for new properties increased by 14.9% to AED 2.41 million. In the secondary market, sales increased by 11.8% and the average transaction budget by 4.2%, reaching 2.68 million dirhams.
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