According to experts, the total volume of transactions in Dubai’s residential market reached a 13-year high in May as investors, high-net-worth individuals, and entrepreneurs plan business migration to the city.
According to CBRE’s most recent report, the total volume of transactions in Dubai’s residential market increased by 33% to 5,542 in May 2022, while total transactions volumes in the year to date to May reached 30,903, the highest total since 2009.
In terms of price growth, the CBRE reported that average property rates increased by 10.9% in the year ending May 2022. According to the real estate consultancy, average apartment and villa prices have risen by 9.6 percent and 19.8 percent, respectively, this year.
“As of May, the average apartment price in Dubai was Dh1,102 per square foot, and the average villa price was Dh1,307 per square foot.” “When compared to late-2014 highs, these rates per square foot are 25.9% and 9.5% lower, respectively, for apartments and villas,” CBRE said in its Dubai residential market snapshot released on Tuesday.
According to Taimur Khan, head of research for Mena region at CBRE in Dubai, transactions activity in Dubai’s residential market remains strong, with total transaction volumes in the year to May 2022 reaching 30,903, the highest total since 2009.
“Price growth has also remained robust, despite the rate of growth slowing marginally from a month ago, with average sales prices increasing by 10.9 percent in the year to May 2022,” Khan said.