Dubai residential sales transactions slowed in April after record high

Dubai residential sales transactions slowed in April after record high

The number of residential transactions in Dubai fell in April from March’s record high, to 7,615, but still saw 16.2% year-on-year growth, according to a new report.

The growth in residential sales has been underpinned by a 42.5% increase in off-plan market sales, whilst secondary market sales have dropped by 2.4%, CBRE said in a report.

In the year-to-date April 2023, 36,946 transactions have been registered, the CBRE said, the highest total ever recorded over this period, with average apartment prices increasing by 14.5% and average villa prices by 14.9%.

Whilst average apartment sales rates across Dubai still are still at 15.6% below the record levels registered in late 2014, several neighbourhoods have surpassed 2014 levels. Average villa sales rates are 2.7% above their 2014 peak, the CBRE said.

Jumeirah saw the highest sales rate per square foot, reaching AED 2,367. For villas, Palm Jumeirah registered the highest sales rate per square foot at AED 4,635.

In the rental market, average rents in the year through April 2023 increased by 25.8%, where average apartment and villa rents grew by 25.7% and 26.1, respectively.

The average annual apartment and villa rents stood at AED 102,675 and AED 308,616, respectively, in April 2023. The highest average annual apartment