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
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