Behind the Sizzle of Dubai Home Boom, Key Vulnerability Persists
- Property glut has been a drag on prices during 7-year downturn
- Alabbar says price jump could spur construction, excess supply
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It was a year of milestones for Dubai’s property market even before the emirate kicked off its $7 billion Expo this month.
Average home prices are rising at the fastest pace since February 2015, with transaction volumes surging nearly 77% in August from a year earlier -- up over 56% when compared with the same period in 2019, before the pandemic hit, according to real estate adviser CBRE Group Inc.