Dubai’s property market remains on an impressive growth trajectory, as average prices in the emirate experienced their most substantial increase since late 2014, according to a report.
Data from CBRE, a real estate brokerage firm, revealed that average prices in Dubai rose by 16.9% in June, surpassing the 15.9% growth rate recorded in the previous month.
During this period, average apartment prices saw a remarkable growth of 17.2%, while average villa prices increased by 15.1%. As of June 2023, the average price per square foot for apartments reached Dh1,294, while for villas, it reached Dh1,525. It is worth noting that these average apartment prices still remain 13.1% lower than the levels observed in 2014.
However, it is important to highlight that certain communities have already exceeded their previous peak prices. Conversely, average villa prices currently stand 5.5% above their 2014 figures.
In terms of specific locations, Downtown Dubai recorded the highest sales rate per square foot in the apartment segment, reaching Dh2,440. Meanwhile, Palm Jumeirah led the way in the villa segment with a sales rate per square foot of Dh4,845.
The volume of transactions in Dubai’s residential market reached a total of 9,876 in June 2023, marking an 18.8% increase compared to the previous year. Notably, off-plan transactions experienced significant growth of 44.9%, while secondary market transactions saw a slight decline of 0.5%. In the year-to-date period ending in June 2023, a total of 57,737 residential transactions were recorded, representing the highest figure for the first two quarters of a year.
Once again, Downtown Dubai and Palm Jumeirah stood out with their high sales rates per square foot, demonstrating their appeal and demand in the market.
Original article reference: Khaleej Times.