Residential real estate market in Dubai remains resilient as property prices rose 33% in January

Real estate prices in Dubai rose by 33.4% in January to an average of 1,575 dirhams per square meter, as the housing market remained stable amid a rapid economic recovery in the emirate.

Luxury real estate prices increased by 35.1%, while the affordable and budget segments registered an increase of 37.2% and 15.7% year-on-year.

Residential real estate market activity also declined by about 13% due to fewer mortgages, while off-plan property sales increased fourfold, helped by transactions in areas such as Dubai Harbour and Business Bay.

The most profitable areas in terms of prices were Jumeirah, Mohammed Bin Rashid City and Palm Jumeirah.