RIYADH: Dubai's residential market saw transcations rise 33.3 percent in June compared to 2021, driven by off-plan and secondary market sales, a report showed.
The total number of transactions stood at 7,941, US CBRE said in its Dubai Residential Market Snapshot.
Off-plan sales increased by 46.7 percent and secondary market sales rose by 24.4 percent.
For the year to date, total transaction volumes reached 38,901, the highest total recorded since 2009.
FASTFACTS
• Average rents in the 12 months to June 2022 have increased by 21.7 percent, with average apartment and villa rents increasing by 21.2 percent and 24.7 percent respectively.
• As at June 2022, average apartment and villa rents stood at AED85,294 and AED255,437 per annum respectively, according to CBRE.
Average prices increased by 10.1 percent in the year to June 2022, including apartment prices that went up by 8.7 percent and villa prices that went up by 19.3 percent.
As at June 2022, average apartment prices in Dubai stood at 1,103 dirhams ($300) per square foot and average villa prices stood at 1,324 dirhams per square foot, reflecting 25.8 percent and 8.3 percent below the peak rates, respectively, compared to late 2014.
Jumeirah recorded the highest average sales rate per square foot at 2,079 dirhams, in the apartments segment of the market, while Palm Jumeirah recorded the highest average sales rate per square foot at 3,365 dirhams, in the villas segment.
Average rents in the 12 months to June 2022 have increased by 21.7 percent, with average apartment and villa rents increasing by 21.2 percent and 24.7 percent respectively,
As at June 2022, average apartment and villa rents stood at 85,294 dirhams and 255,437 dirhams per annum respectively, according to CBRE.
Palm Jumeirah witnessed the highest average annual apartment and villa rents, where asking rents on average were 218,413 dirhams, followed by Al Barari, where asking rents on average were 889,225 dirhams.
