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The Dubai housing market continued to grow over the summer, with average residential rents rising by 22% in the year through July.
Average apartment rents grew by 21.9% over the period, with average villa rents rising by 22.6%, commercial real estate services and investment firm CBRE said in a report.
The average yearly apartment and villa asking rents in July reached AED 105,691 and AED 319,994, respectively, while the highest annual average, reaching AED256,785, was on Palm Jumeirah. The residential community of Al Barari, where asking rents stood at an average of AED 1,094,034, also featured on the report.
The total volume of residential transactions in Dubai reached 10,080 in July, recording a year-on-year growth of 53.4%. CBRE stated that the growth was supported by a 78.4% increase in off-plan market sales and a 33.8% rise in secondary market sales. The total transaction volumes in year-to-date to July reached 67,818, the highest total ever recorded over this period.
The emirate’s residential sales market also recorded a steady growth, with average prices increasing by 18.1%, up from the 16.9% rate of growth recorded in June 2023. Over the same period, average apartment prices increased by 18.5%, reaching AED 1,320 per square foot, while average villa prices increased by 16.2%, reaching AED 1,552 per square foot.
In both the apartment and villa segments of the market, Palm Jumeirah registered the highest price points, with average sales rates per square foot reaching AED 2,463 and AED 4,943, respectively.
(Writing by Bindu Rai, editing by Seban Scaria)
