Corporate News
Dubai real estate recovery 'fragile' and uneven, S&P says

Dubai real estate prices have rebounded strongly from a record low at the end of 2020, but demand is uneven and oversupply of residential properties will pressure prices in the long run, making the recovery fragile, S&P Global Ratings said. Real estate investment firm CBRE Group said last week that average residential property prices in Dubai rose 4.4% in the 12 months to August, the highest annual growth since February 2015, but an ongoing fall in apartment rents signalled continued weakness in the long-troubled sector. "The rebound in demand for residential real estate has largely benefited premium developers with a surge in pre-sales and price improvements," S&P said. It said market data showed that apartments, which make up 85-90% of properties, experienced a price increase of about 6% in the second quarter. The rates for villas have also accelerated while rents for apartments are still lagging.

News Source:- https://economictimes.indiatimes.com/news/international/uae/dubai-real-estate-recovery-fragile-and-uneven-sp-says/articleshow/86962973.cms