Villas remain prevalent with home purchasers as Dubai costs, rents fall by as much as a third since peaking in 2014
Dubai’s property market’s troubles aren’t scratching hunger for villas right now.
Emaar Properties said on Thursday revenue from villa sales jumped 90 percent last year to AED7.84 billion ($2.13 billion), the biggest increase across its property segments, according to a breakdown of the 2018 earnings originally released last month.
Home costs and leases have dropped by as much as a third since peaking in 2014 in Dubai, as the Middle East’s monetary and commerce hub struggles with an economic slowdown.
The Real Estate and Construction Index on Dubai’s stock market fell 39 percent a year ago, its most reduced dimension since the global financial crisis in 2008.
In any case, Emaar’s income bucked the trend. The developer of the world’s tallest high rise in Dubai detailed a 10 percent expansion in benefit to AED6.11 billion, exceeding analysts’ estimates.
Its shares have advanced 13 percent this year, the best start to a year since 2014.
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