UAE Business: Dubai residential market deal volumes for May up 33pc – Gulf Digital News

UAE Business: Dubai residential market deal volumes for May up 33pc – Gulf Digital News

The total volume of transactions in Dubai’s residential market reached 5,542 in May 2022, up 33% from a year earlier, according to CBRE, one of the world’s largest commercial real estate services and investment firms.

Over this period, off-plan sales increased by 55.4% and secondary market sales by 18.0%. Total transaction volumes in the year to date to May 2022 reached 30,903, this is the highest total recorded since 2009, over this period, CBRE stated in its Dubai Residential Market Snapshot – June 2022.

The global real estate expeet said average prices increased by 10.9% in the year to May. Over this period, average apartment prices increased by 9.6% and average villa prices by 19.8%.

As of May 2022, average apartment prices in Dubai stood at AED1,102 per sq ft and average villa prices stood at AED1,307 per sq ft. Compared to the highs witnessed in late 2014, these rates per square foot are 25.9% and 9.5% below the peak, for apartments and villas respectively, it stated.

According to CBRE, in the apartments segment of the market, Downtown Dubai recorded the highest average sales rate per square foot at AED2,045. Whereas in the villas segment of the market, Palm Jumeirah recorded the highest average