Dubai Rents Are Increasing At The Fastest Rate In 8 Years
The hot topic of discussion in the city right now is how RENT prices are shooting up: and the below read will give you a few insights on that front.
Let’s hit you with a few stats on Dubai’s property scene first:
- Average prices have increased by 10.9% in the year to May 2022. Over this period, average apartment costs hiked by 9.6% and villas by 19.8%.
- Average rents in the 12 months to May 2022 increased by 19.1%, with average apartment and villa rents up by 18.3% and 24.3% respectively.
These figures were revealed in ‘The June 2022 edition of the Dubai Residential Market Snapshot’ report published by CBRE. The analysis goes on to disclose that residential rents in Dubai are increasing at the fastest rate since late 2014.
“Transaction activity in Dubai’s residential market continues to remain on a strong footing”
In a statement to Arabian Business, the head of Research – MENA at CBRE in Dubai, Taimur Khan, elaborated on the report saying,
“The rate of growth for rents has continued to increase on a year-on-year basis, where in the year to May 2022 average rents increased by 19.1%, up from 16.2% recorded a month earlier, this is the fastest rate of growth since October 2014.”
Adding that,
“Transaction activity in Dubai’s residential market continues to remain on a strong footing, with total transactions volumes in the year to date to May 2022 reaching 30,903, the highest total recorded since 2009.”
With demand from buyers, the city is heading on an upward trajectory and picking up momentum on property transactions: ensuing in rental prices increasing at the fastest rate in eight years.
“The property market in Dubai never ceases to amaze me… It will be interesting to see what happens in the next quarter of the year.”
Hussain Sajwani, the Founder and Owner of DAMAC Group shared his awe of Dubai’s property market, saying:
“The property market in Dubai never ceases to amaze me. In the past 12 months, we’ve witnessed an increase in apartment and villa rental prices of 19.1%. This has been the highest percentage increase witnessed since October 2014. It will be interesting to see what happens in the next quarter of the year.”
Find the tweet here.
- Downtown Dubai recorded the highest average sales rate per square foot at AED 2,045 for apartments.
- Palm Jumeirah recorded the highest average sales rate per square foot at AED 3,207 for villas.
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