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Average residential rents in Dubai increased by 23.7% in the 12 months to July 2022, the highest annual growth rate since May 2014, a report said
Average rents for apartments and villas rose by 23.5% and 24.8%, respectively, according to the CBRE report.
As of July 2022, the average rent for apartments and villas is AED 86,713 and AED 260,949 per annum respectively.
In the rental market, apartments and villas with the highest average annual rent were in Palm Jumeirah, with an average asking price of AED219,769, and Al Barari, with an average asking price of AED925,010.
Meanwhile, total transactions in the Dubai residential market reached 6,524 transactions in July 2022, a year-on-year increase of 58%. During the period, off-the-plan sales rose 59 per cent and secondary market sales rose 57.1 per cent. Year-to-date total transactions reached 45,793 through July 2022, the highest number recorded for the same period since 2009, the report said.
Average prices rose 9.9% in the year to July 2022. During this period, the average price of condos rose by 8.7% and the average price of villas by 17.8%.
As of July 2022, the average apartment price in Dubai is AED 1,114 psf and an average villa price is AED 1,335 psf. Compared to the highs at the end of 2014, these prices per square foot were 25.1% and 7.6% below the peak for condos and villas, respectively.
In the condominium segment of the market, Jumeirah had the highest average sales per square foot at AED 2,082. In the villa segment of the market, Palm Jumeirah had the highest average sales per square foot at AED 3,521.
Taimur Khan, Head of Research, Middle East and North Africa, CBRE Dubai, commented: “Despite the typically subdued activity levels during the summer months, sales activity in the Dubai residential market remained active in July 2022, with 6,524 transactions in the month, representing a higher year-on-year increase. A year-to-date increase of 50.8%. Year-to-date total transactions reached 45,793 in July 2022, the highest total during this period since 2009.
“Despite strong activity, average price growth moderated in the year to July 2022, albeit slightly to 9.9%. In terms of the top three locations for apartment rental growth, in the year to July 2022, Rents in Palm Jumeirah, Downtown and Dubai Maria have increased by an average of 39.8%, 38.4% and 35.7% over the 12 months,” Khan said. – Arab Trade News Service
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