Dubai property prices, rents growing at the fastest rate since early 2015

Dubai property prices, rents growing at the fastest rate since early 2015

Over 10% hike recorded in prices and rents across Dubai last month; Downtown Dubai, Palm Jumeirah and Al Barari remain most sought-after areas in January

According to Dubai residential market snapshot released by CBRE, the average property prices increased by 10.2 per cent in January 2022. — File photo

Published: Wed 23 Feb 2022, 3:45 PM

Dubai’s property market continued its strong upward momentum in January as residential prices and rents climbed at the fastest rate since early 2015, latest data shows.

The residential market recorded 80.2 per cent year-on-year growth in transaction volumes last month as off-plan and secondary market sales surged 187.5 per cent and 32.5 per cent, respectively.

Property prices rising

According to Dubai residential market snapshot released by CBRE, the average property prices increased by 10.2 per cent in January 2022.

The real estate consultancy noticed 8.5 per cent average increase in apartment prices and 21.8 per cent hike in average villa rates last month as apartment prices stood firm at Dh1,085 per square foot while villa rates climbed to Dh1,250 per square foot.

“These rates per square foot are 27.1 per cent and 13.5 per cent below the peak, for apartments and villas, respectively, if we compared to the highs recorded in late