UAE’s property market shows no sign of cooling off, says CBRE

UAE’s property market shows no sign of cooling off, says CBRE

Image by Rustam Azmi/ Getty Images UAE’s property sector broke a decade-long record for home sales last year and the strong activity and performance levels in the country’s real estate market are expected to continue into 2024, according to property research firm CBRE. CBRE, said in a report, that average residential prices in Dubai surged by 20.1 per cent in the year to December 2023, with apartment and villa prices rising by 19.8 per cent and 21.8 per cent, respectively. The report showed that 39,190 residential units were delivered in 2023, with 34.4 per cent of this new stock estimated to have been completed in Meydan One, Downtown Dubai, and Business Bay. Furthermore, 68,880 units are expected to be handed over in 2024, with 22.7 per cent scheduled for delivery in Business Bay, District Seven, and Damac Lagoons. The average apartment prices in Abu Dhabi, the UAE’s capital, rose by 1.1 per cent in the year to Q4 2023 while villa prices remained almost unchanged from the comparable period a year earlier. CBRE said despite a slowdown in the emirate’s rental activity, average apartment rents still rose by 2 per cent year-on-year (YoY) to reach Dhs64,996.