Dubai’s Residential Market Saw A Rise In Transactions Despite The Price Increase

This news is probably not one you’d expect because well it seems like price tags are showing crazy numbers from petrol to real estate and yet the demand for both has not slowed down.

A study by CBRE indicated the Dubai Residential Market Snapshot which showed that although the prices of real estate are spiking, transactions have been spiking as well.

Dubai’s residential market saw a rise in transactions by 33.3% in June compared to 2021 although there’s been a hike in prices

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Just out, the July series of our Dubai #residential market snapshot!

Read our full market snapshot here: https://t.co/2m4fgjCNxW#CBREMENA #dubaiproperties #realestateinsights pic.twitter.com/W9ikX7EuIG

— CBRE MENA (@CBREMENAT) July 15, 2022

Apartment prices in Dubai went up by 8.7% and villas by 19.3%

The total number of transactions stood at 7,941. Off-plan sales saw an increase of 46.7% and secondary market sales also rose by 24.4%. For the year to date, total transaction volumes reached 38,901, the highest total recorded since 2009 – IMPRESSIVE!

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 of June 2022, average apartment and villa rents stood at AED85,294 and AED255,437 per annum respectively, according to CBRE.

Let’s talk numbers: As of June 2022, the average apartment price in Dubai stood at AED1,103 per square foot and the average villa price stood at AED1,324 per square foot.

Jumeirah and Palm Jumeirah had the highest prices per square foot

Now let’s talk districts: Jumeirah recorded the highest average sales rate per square foot at a whopping AED2,079 for apartments. Palm Jumeirah also had the highest price per square foot at AED3,365 for villas.

Palm Jumeirah witnessed the highest average annual apartment and villa rents, where asking rents on average were AED218,413, followed by Al Barari, where asking rents on average were AED889,225.