A recent report issued by CBRE Real Estate Consulting revealed that average residential property prices in Dubai increased by 20.7%, and rents by 21.2% in March 2024.
Residential properties in Dubai recorded double-digit growth in both sales prices and rents on the back of strong demand, according to the latest data.
Average residential property prices rose by 20.7%, with villa prices rising by 22.1% and apartment prices growing by 20.4%, according to the CBRE report. The price of apartments in Dubai reached 1,486 dirhams per square foot until March 2024, while the price of villas reached about 1,776 dirhams per square foot.
Overall, average prime sales rates remain marginally below 2014 highs of 0.1%, although several premium neighborhoods have surpassed 2014 numbers. Rents across Dubai rose by an average of 21.2% in March 2024, exceeding the 20.4% increase recorded in the previous month. Apartments led the increase, recording an average growth of 22.1%, while villas recorded a price increase of 14.5%.
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From January to March, the total volume of real estate transactions in Dubai reached 35,310, the highest total ever recorded in the first quarter of the year, recording a 20.5% increase over the previous year. Off-plan sales transactions increased by 23.9%, while secondary market transactions increased by 15.2%.
Data from the Dubai Land Department showed that more residents obtained rental contracts as well, with the total number of rental contract registrations increasing by 5.8% to 159,941 contracts in the first quarter of 2024.
