Dubai: The total volume of transactions in Dubai’s residential market reached 7,941 in June 2022, up 33.3% from a year earlier. Over this period, off-plan sales increased by 46.7% and secondary market sales by 24.4%. Total transaction volumes in the year to date to June 2022 reached 38,901 this is the highest total recorded since 2009, over this period.
Average prices increased by 10.1% in the year to June 2022. Over this period, average apartment prices increased by 8.7% and average villa prices by 19.3%. As at June 2022, average apartment prices in Dubai stood at AED 1,103 per square foot and average villa prices stood at AED 1,324 per square foot. Compared to the highs witnessed in late 2014, these rates per square foot are 25.8% and 8.3% below the peak, for apartments and villas respectively.
In the apartments segment of the market, Jumeirah recorded the highest average sales rate per square foot at AED 2,079. Whereas in the villas segment of the market, Palm Jumeirah recorded the highest average sales rate per square foot at AED 3,365.
Average rents in the 12 months to June 2022 have increased by 21.7%, with average apartment and villa rents increasing by 21.2% and 24.7% respectively. As at June 2022, average apartment and villa rents stood at AED 85,294 and AED 255,437 per annum respectively.
In the rental market, the highest average annual apartment and villa rents respectively were found in Palm Jumeirah, where asking rents on average were AED 218,413, and in Al Barari, where asking rents on average were AED 889,225.
Taimur Khan, Head of Research – MENA at CBRE in Dubai, comments:
“Transaction activity in Dubai’s residential market continues to remain near historic highs, with total transactions in the year to date to June 2022 reaching 38,901 this is the highest total recorded since 2009, over this period. More so, while the rate of price growth has tapered to 10.1% in the year to June 2022, the rate of rental growth continues to accelerate, where rents increased by 21.6% over the same period. Rents, on average, are increasing at the fastest rate since mid-2014.”