According to Reports from JLL, Last year offered no interlude to Dubai’s Property prices, which continued the downward trend for the better part of 2020.
The city’s properties’ average sales price is languishing down, with 8% drop is seen year after year. However, Property prices still stand 20% more than what prices were a decade ago. This situation indicates the real-estate market is in bust-period according to a real estate services company.
Though The first part of 2020 saw a slowdown in the real-estate sector due to COVID-19 Pandemic, The second phase proved much better. The JLL report details, “the second half saw a revival of activity as lockdown measures eased and pent-up demand filtered through the residential market.”
To conclude, Dubai’s real estate sector had its fair share of highs and lows in 2020. Will the COVID-19 pandemic also impact the sales of 2021? Only time will tell!
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