Dubai: Property transactions hit 13-year high in May

Dubai: Property transactions hit 13-year high in May

Residential rents in Dubai increase at the fastest rate since late 2014, says CBRE

The CBRE report said Downtown Dubai recorded the highest average sales rate per square foot at Dh2,045 in the apartment segment and remained the most preferred destination of the buyers. — File photo

Published: Tue 14 Jun 2022, 5:02 PM Last updated: Tue 14 Jun 2022, 6:02 PM

The total volume of transactions in Dubai’s residential market hit 13-year high in May as the investors, high net worth individuals and entrepreneurs plan business migration to the city, experts say.

In its latest report, CBRE said the total volume of transactions in Dubai’s residential market surged 33 per cent to 5,542 in May 2022 while total transaction volumes in the year to date to May reached 30,903, the highest total recorded since 2009.

The real estate consultancy said off-plan sales sustained an upward trend and increased by 55.4 per cent while secondary market sales rose by 18 per cent in May.

In terms of price growth, the CBRE said average property rates increased by 10.9 per cent in the year to May 2022. Elaborating, the real estate consultancy said average apartment prices and villa rates rose by 9.6 per cent and 19.8 per