Dubai: Average apartment and villa rents stood at Dh 85,294 and Dh 255,437 per annum respectively in June 2022.
19 July 2022, 12:00 AM
31 July 2022, 12:00 AM
According to Dubai Residential Market Snapshot – July 2022 released on Friday by CBRE, the total volume of transactions in Dubai’s residential market reached 7,941 in June 2022, up 33.3 per cent from a year earlier while the average prices increased by 10.1 per cent in the year to June 2022.
Average rents in the 12 months to June 2022 have also increased by 21.7 per cent, with average apartment and villa rents increasing by 21.2 per cent and 24.7 per cent respectively. As at June 2022, average apartment and villa rents stood at Dh 85,294 and Dh 255,437 per annum respectively.
Taimur Khan, head of Research – Mena at CBRE in Dubai says,“Transaction activity in Dubai’s residential market continues to remain near historic highs, with total transactions in the year to date to June 2022 reaching 38,901 this is the highest total recorded since 2009, over this period,”
While the rate of price growth has tapered to 10.1 per cent in the year to June 2022, the rate of rental growth continues to accelerate, where rents increased by 21.6 per cent over the same period. Rents, on average, are increasing at the fastest rate since mid-2014, Khan said.
According to the Zoom Property insights, the supply forecast of residential units shows that MBR City, Dubailand, Downtown Dubai, Business Bay, Dubai Creek Harbour, Al Jadaf, and JVC are among the top areas that will receive the highest units during the rest of the year.
In the rental market, the highest average annual apartment and villa rents respectively were found in Palm Jumeirah, where asking rents on average were Dh 218,413, and in Al Barari, where asking rents on average were Dh889,225.