Friday, August 12 2022

In June 2022, average apartment prices in Dubai stood at Dh1,103 per square foot and average villa prices at Dh1,324 per square foot. Compared to the peaks seen at the end of 2014, these rates per square foot are 25.8% and 8.3% below the peak, respectively for apartments and villas.

In the apartment segment of the market, Jumeirah recorded the highest average sale rate per square foot at Dh2,079, while in the villa segment of the market, Palm Jumeirah recorded the highest average sale rate per square foot. square foot at 3,365 Dh.

Average rents in the 12 months to June 2022 increased by 21.7%, with average rents for apartments and villas increasing by 21.2% and 24.7% respectively. In June 2022, the average rents for apartments and villas amounted to 85,294 Dh and 255,437 Dh respectively per year.

In the rental market, the highest average annual rents for apartments and villas were respectively found in Palm Jumeirah, where average asking rents were Dh218,413, and Al Barari, where average asking rents were from MAD 889,225.

“Deal activity in the Dubai residential market continues to remain near historic highs, with the total number of transactions year-to-date through June 2022 reaching 38,901, the highest total recorded since 2009. , over this period.More so, while the rate of growth in prices has declined to 10.1% in the year to June 2022, the rate of growth in rents continues to accelerate, with rents having increased by 21.6% over the same period. Rents, on average, are increasing at the fastest rate since mid-2014,” said Taimur Khan, Head of Research – MENA at CBRE in Dubai.

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