Dubai’s rate of rental growth continues to accelerate in Oct – The Peninsula

Dubai’s rate of rental growth continues to accelerate in Oct – The Peninsula

Doha: The total volume of transactions in Dubai’s residential market registered 8,269 in October 2022, highlighting an increase of 72.5 percent from the prior year. This increase has been underpinned by a 133.5 percent increase in off-plan market sales while secondary market sales rose by 29.4 percent. In the year to date to October 2022, the total transaction volumes reached 71,412, this continues to be the highest total recorded since 2009.

Average prices rose by 9.2 percent, in the year to October 2022, where average apartment prices rose by 8.5 percent and average villa prices by 13.0 percent. In Dubai, average apartment prices reached AED 1,149 per square foot, and average villa prices AED 1,359 per square foot. In comparison with the highs recorded in 2014, these average rates are still 22.8 percent and 6.0 percent, below this peak, for apartments and villas, respectively.

In the apartment segment of the market, Jumeirah registered the highest average sales rate per square foot at AED 2,226, whilst in the villa segment of the market, Palm Jumeirah recorded the highest average sales rate per square foot at AED 3,704.

In the 12 months to October 2022, average rents increased by 27.3 percent, where average apartment rents