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)


Supporters of Tunisia’s Saied rally amid deepening political divisions

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Supporters of Tunisia’s Saied rally amid deepening political divisions

TUNIS: Tunisian President Kais Saied’s supporters rallied in the capital on Wednesday calling the opposition “traitors,” following mounting street protests in recent weeks that have highlighted widening political divisions.
The rival rallies come amid a deepening economic crisis marked by high inflation, shortages of some basic goods and poor public services, which have fueled public anger.
Rights groups have accused Saied of an unprecedented crackdown on the opposition, saying he is using the judiciary and police to stifle criticism. Saied rejects the accusations, saying he is cleansing the country of traitors and a corrupt elite.
Demonstrators gathered in central Tunis waving national flags and chanting slogans backing Saied, whom they credit with confronting corruption and entrenched political elites.
They accused Saied’s opponents of seeking to destabilize the country, describing them as “traitors.” They chanted “people want Saied again” and “we support the leadership and sovereignty.”
“We are here to rescue Tunisia from traitors and colonial lackeys,” protester Saleh Ghiloufi said.
Saied’s critics say arrests of opposition leaders, civil society groups and journalists underscore an authoritarian turn by the president since he took on extraordinary powers in 2021 to rule by decree.
The powerful UGTT union has called a nationwide strike next month.
A Tunisian court last week sentenced prominent opposition figure Abir Moussi to 12 years in prison, in what critics say is another step toward entrenching Saied’s one-man rule.
While an appeals court last month handed jail terms of up to 45 years to dozens of opposition leaders, business people and lawyers on charges of conspiracy to overthrow Saied.
Saied was elected in 2019 with an overwhelming mandate, but his consolidation of power has alarmed domestic opponents and international partners, who warn Tunisia is retreating from democratic governance.