Dubai's residential property market sales up 43pc in April
Dubai’s residential market witnessed solid activity in the first four months with its total volume of transactions surging to 6,342 in April, up 43% over last year. Over this period, the off-plan sales too increased by 32.4%, said an industry expert.
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Dubai’s residential market witnessed solid activity in the four months with the emirate's total volume of transactions surging to 6,342 in April, up 43% from a year earlier, according to CBRE, a real estate advisory firm with a major presence in the region.
Over this period, the off-plan sales too increased by 32.4% and secondary market sales by 51.2%, it stated.
CBRE said the total transaction volumes in the year to date to April 2022 reached 25,351, this is the highest total ever recorded in the first four months of the year. Average prices too increased by 11% in the year to April.
Over this period, average apartment prices increased by 9.6% and average villa prices by 20.4%. As at March 2022, average apartment prices in Dubai stood at AED 1,097 per sq ft and average villa prices stood at AED1,291 per sq ft.
Compared to the highs witnessed in late 2014, these rates per square foot are 26.3% and 10.6% below the peak, for apartments and villas respectively.
In the apartments segment of the market, Downtown Dubai recorded the highest average sales rate per square foot at AED 2,034. Whereas in the villas segment of the market, Palm Jumeirah recorded the highest average sales rate per square foot at AED 3,055.
Average rents in the 12 months to April 2022 have increased by 16.2%, with average apartment and villa rents increasing by 15.1% and 23.5% respectively. As at April 2022, average apartment and villa rents stood at AED 81,653 and AED 244,836 per annum respectively.
In the rental market, the highest average annual apartment and villa rents respectively were found in Palm Jumeirah, where asking rents on average were AED 205,816, and in Al Barari, where asking rents on average were AED 833,103.
Taimur Khan, the Head of Research (Mena) at CBRE in Dubai, said: "Despite growing concerns around the global macroeconomic backdrop, namely higher financing costs and high rates of inflation, activity in Dubai’s residential market continues to remain at historic highs. Total transaction volumes in the year to date to April 2022 were the highest ever recorded in the first four months of the year, at 25,351."
"In the year to April 2022, while the rate of price growth has tapered slightly (+11.0%), rents are increasing at their fastest rate (+16.2%) since October 2014," he added.
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