Strong start to the year for the UAE’s real estate market, says CBRE

Strong start to the year for the UAE’s real estate market, says CBRE

In the residential sector, average prices in Abu Dhabi increased by 1.5% in the 12 months to March 2022, with average apartment prices rising by 1.6% and average villa prices increasing by 1.1%. Rents in the residential market increased by 0.6% on average in Q1 2022, with apartment rents increasing by 1.1% whereas villa rents decreased by 1.6%. New supply in Abu Dhabi remains limited with fewer than 200 units being delivered in the first quarter. An additional 9,588 units are scheduled to be delivered over the course of the year, 71.1% of which are scheduled in Al Raha Beach, Al Maryah Island or Reem Island. In Dubai, average property prices increased by 11.3% in Q1 2022, with average apartment prices rising by 10.0% and average villa prices rising by 20.1%. Average rental rates increased by 13.1% over the same period, which is the highest rate of growth recorded since December 2014, with apartment rents increasing by 11.7% and villa rents increasing by 22.5%. In Downtown Dubai and Palm Jumeirah, average apartment rents in the first quarter have increased by 29.4% and 39.6% respectively and average villa rents in Emirates Hills, Jumeirah Islands and Palm Jumeirah increased by 9.3%, 31.3%