Downtown Dubai registered the highest sales rate per square foot (psf) across Dubai’s apartment segment in June 2023, up 2.5% month-on-month to AED 2,440 ($664.31), real estate consultancy CBRE said in a new report.

Palm Jumeirah followed closely with AED 2,424 per square foot (+1.3% month-on-month). Jumeirah took third place despite a price decline of 1.8% month-on-month at AED 2,366 psf. Old Town and Dubai Hills Estate reached the top five at AED 1,878 psf (-1.1% month-on-month) and 1,868 psf (+0.4% month-on-month), respectively.

 

Palm Jumeirah registered the highest sales rate per square foot in the villa segment at AED 4,845 (+3.3%). Emirates Hills and Jumeirah followed at AED 2,500 psf (+3.3%) and AED 2,448 psf (-0.6%), respectively.

Prices in District One reached AED 2,219 psf (-0.5% month-on-month), while Jumeirah Islands reported AED 1,934 psf, rising 4.6% month-on-month - the highest percentage rise across the villa segment in the emirate

In June 2023, the average annual apartment and villa rents stood at AED 104,685 and AED 314,552, respectively, the report said.

Overall, average rents in Dubai increased by 22.8% in the year to June 2023, down from the 24.2% recorded a month earlier.

Over the same period, average asking rents for apartments and villas increased by 22.7% and 23.1%, respectively, CBRE said.

(Editing by Seban Scaria seban.scaria@lseg.com)