Dubai residential property market transactions reach AED61.9bn despite inflation concerns

UAE’s diversified imports strategy, steps to boost its food security among the reasons for ‘cautious optimism’ when it comes to economic growth

As the world grapples with inflation spikes, impact on UAE’s economy and Dubai’s residential property market seems limited for now, with villa and apartment transactions in Dubai estimated to have reached AED 61.9 billion between January and May this year, global property consultant Knight Frank indicated.

Citing data from Oxford Economics, Knight Frank pointed to the expected rebound in Abu Dhabi’s GDP growth from about 0.5 percent to just over 6 percent this year with Dubai’s GDP predicted to expand by a similar figure.