There were 30,903 residential real estate transactions from January through May in Dubai, according to the latest Dubai property market report.
The research conducted by the American commercial real estate investment company CBRE, reveals that property prices in Dubai continued to rise in May, with transaction volumes also growing as the emirate’s real estate market makes a strong rebound from the coronavirus-induced slowdown.
Rents are also increasing dramatically in Dubai. In May, apartment rents went up 18.3 percent on the year. The average monthly apartment rent in Dubai in May was more than $7,500, according to CBRE.
Average residential property prices increased by 10.9 percent in the year to May 2022, with apartment prices rising 9.6 percent and villa prices up 19.8 percent, CBRE said.
Month on month, prices rose 0.4 percent for apartments and 1.2 percent for villas in May, the report noted.
The total volume of transactions in the market reached 5,542 in May, up 33 percent from a year earlier.
Price growth has also remained robust, despite the rate of growth slowing marginally from a month earlier.
Palm Jumeirah apartments recorded a 4.2 percent price rise, month on month, in May while villa prices increased 5 percent. This follows similar rises in April.
Properties in Meydan City and Jumeirah Golf Estates also posted price rises last month.
In terms of the highest average sales rate per square foot, Downtown Dubai topped the list for the apartments segment at 2,045 dirhams while Palm Jumeirah led the villas segment, with prices at 3,207 dirhams.
While average prices per square foot stood at 1,102 dirhams for apartments and at 1,307dirhams for villas in May, they remain 25.9 percent and 9.5 percent lower, respectively, when compared to the highs witnessed in late 2014, CBRE said.