The value of property transactions in Dubai in the fourth quarter of the year jumped 21 per cent compared to the third quarter to Dh22.07 billion ($6bn) as the emirate’s economy recovered from the pandemic-induced slowdown and government initiatives revived demand.
It’s not only apartment rents that are under intense pressure in Dubai – even rates for ground floor stores are dropping. Even by as much as half in the same location as retailers rush to book space on terms that would have been deemed impossible even a year ago.
One hundred branded residences opened across the Middle East in 2020 despite strained economic conditions caused by the coronavirus pandemic, demonstrating the growing popularity of the real estate sector in the region.
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