Residential And Rental Dubai Property Market Trends In 2022
The latest data by CBRE suggests levels and values of residential and rental properties in Dubai reaching record highs in Q2 2022.
Residential Property Transactions
According to the latest Dubai property market insights, May 2022 saw a 13-year high in residential real estate transactions in Dubai. One of the key driving factors is the gradually increasing interest in the market from investors and high-net-worth individuals considering Dubai as the place for living and business.
In May 2022, the number of residential property deals in Dubai spiked by 33% and hit more than 5,540 transactions. Moreover, the year-on-year levels reached 30,903, the highest number in 13 years.
The data reveals off-plan deals rising by 55.4%, while secondary property sales also spiked by 18% in May this year.
As for the average prices, Dubai saw annual growth levels hitting 10.9% in May 2022. In particular, apartments in Dubai became 9.6% more expensive, while villas increased in prices by almost 20%.
Rental Property Values In Dubai Hit New Highs In 2022
According to CBRE, average rental prices in Dubai increased by 19.1% year-on-year in May 2022. Averages for apartments spiked by over 18%, while villas enjoyed a 24% increase.
Moreover, the latest research by CBRE reveals that rents for apartments and villas in Dubai have enjoyed the fastest growth pace seen in 8 years. Current rental prices for these property types in the state sit at AED 83,485 and AED 249,677 per year.
What Do The Experts Say?
CBRE confirms rising rental prices for the Dubai property market in the year to May 2022. Perhaps unsurprisingly, Al Barari and Palm Jumeirah outperformed any other district regarding the highest average annual rents for apartments and villas.
Average rents in the areas reached AED 874k and AED 213k.