- Residential property prices rose by 16.9%.
- Average rental increased by 22.8%.
- 9,876 residential units were sold in June.
Dubai: Dubai residential property prices rose at the fastest pace in almost a decade in the year to June 30, rising 16.9%, while average rents rose 22.8% in the year to June 30, property consultancy company CBRE said on Tuesday.
The average price of apartments per square foot reached 1,294 dirhams ($352.31), and the average price of villas was 1,525 dirhams per square foot.
Dubai, home to the world’s tallest skyscraper and palm-sized man-made islands, has become one of the fastest growing cities, registering a population of 3.6 million on July 5, according to the Emirates Statistics Centre.
Its property market has boomed after the rapid economic recovery after the pandemic and the easing of residence regulations.
CBRE said 9,876 residential units were sold in June, up 18.8% from a year ago, with off-plan sales rising 44.9%, while secondary market sales weakened 0.5%.
Average rents had risen 22.8% in the year to June 30, slower than the 24.2% increase recorded at the end of May.
“Rental growth is slowing in many key areas and many listings within these communities are driving down rental demand,” said Taimur Khan, head of research at CBRE.
