Dubai property prices surge at fastest pace since 2014

High-rise tower buildings are pictured along the central Sheikh Zayed Road in Dubai on July 3, 2023. (AFP/File)
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Updated 12 July 2023
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Dubai property prices surge at fastest pace since 2014

  • Dubai residential property prices in year to June 30 climbed 16.9 percent, average rents jumped 22.8 percent
  • Dubai has become one of the fastest-growing cities, recording a population of 3.6 million at July 5

DUBAI: Dubai residential property prices in the year to June 30 rose at their fastest in almost a decade, climbing by 16.9 percent, while average rents jumped by 22.8 percent, property consultancy CBRE said on Tuesday.

The average apartment price per square foot reached 1,294 dirhams ($352.31) and villas averaged 1,525 dirhams per sq ft.

Dubai, home to the world’s tallest skyscraper and palm-shaped man-made islands, has become one of the fastest-growing cities, recording a population of 3.6 million at July 5, according to the emirate’s statistic center.

Its property market has boomed after a swift post-pandemic economic rebound and relaxed residency rules.

In June 9,876 residential units were sold, up 18.8 percent from a year earlier, with off-plan sales jumping 44.9 percent while the secondary market’s sales weakened by 0.5 percent, CBRE added.

Average rent was up 22.8 percent in the year to June 30, slowing from the 24.2 percent growth recorded at the end of May.

“Rental growth rates in several major areas are moderating and many listings within these communities are reducing asking rents,” said Taimur Khan, CBRE’s head of research.

($1 = 3.6729 UAE dirham)


HRW says Israel’s Lebanon evacuation risks violating laws of war

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HRW says Israel’s Lebanon evacuation risks violating laws of war

  • “Calling on everyone who lives south of the Litani (River) to evacuate immediately raises serious legal and humanitarian red flags,” said Kaiss
  • “How are older people, the sick and people with disabilities going to be able to evacuate immediately?”

BEIRUT: Human Rights Watch said on Thursday that the Israeli military’s call for residents of vast areas of southern Lebanon to evacuate raised “serious risks of violations of the laws of war.”
Lebanon was drawn into the Middle East war when Iran-backed Hezbollah began firing rockets at Israel with Israel conducting air strikes across the country and its troops pushing into border towns.
On Thursday, Israel renewed its warning to residents of hundreds of square kilometers (miles) of southern Lebanon to evacuate because of military action.
“Calling on everyone who lives south of the Litani (River) to evacuate immediately raises serious legal and humanitarian red flags and fears for the safety of civilians,” said Ramzi Kaiss, Lebanon researcher at Human Rights Watch.
“How are older people, the sick and people with disabilities going to be able to evacuate immediately? And how will their safety be guaranteed as they leave?” he said in a statement from the rights group.
HRW said “the sweeping nature” of Israel’s call raised “concerns that their purpose is not to protect civilians,” adding that the area was home to hundreds of thousands of people.
The evacuation call “raises serious risks of violations of the laws of war,” it added.
Lebanese authorities said dozens of people have been killed and tens of thousands displaced from their homes since Monday.