Dubai property owners increasingly opting for flipping as prices hit all-time high

Property owners and investors in Dubai are increasingly opting for flipping by remodelling their properties and selling at higher rates to cash in on prices reaching an all-time high in the emirate.

According to the latest figures released by Property Monitor, prices in Dubai rose to a record high of Dh1,271 per square foot, surpassing the previous all-time high of September 2014.

As a result, the gap between average seller sales listing prices and transferred property sales prices in the current market has reached 15 per cent.

The high prices in popular and central locations have resulted in migration to new and upcoming areas, which are still more affordable.