Dubai's housing rents have accelerated at their fastest rate since mid-2014, with some properties now costing as much as AED889.225 per year ($242,000), as demand continued to accelerate, according to real estate consultancy CBRE.

In the 12 months to June 2022, average leasing rates went up by 21.7 percent, led by villa properties, which jumped by 24.7 percent to AED255.437 per year. The cost of renting apartments rose by 21.2 percent to AED85,294 during 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.

Among the locations tracked by CBRE, Al Barari recorded the highest jump in rents, which averaged AED889,225. Palm Jumeirah properties also recorded significant increases, with apartment and villa rents rising to AED218,413 per year.

According to CBRE, demand for properties remained near historic highs, with property deals in the year to June 2022 reaching 38,901, the highest since 2009.

The month of June alone saw a total of 7,941 transactions, up by 33.3 percent compared to the previous year.

Off-plan deals went up by 46.7 percent, while the secondary market recorded a 24.4 percent growth.

(Reporting by Cleofe Maceda; editing by Seban Scaria)