RIYADH: Dubai’s residential market saw year-on-year transactions rise 33.4 percent in September, primarily driven by off-plan and secondary market sales, according to commercial real estate services and investment firm CBRE.
In its Dubai Residential Market Snapshot report, the US company noted the total number of transactions in the Dubai residential market in September stood at 7,273.
Off-plan sales increased by 51.4 percent, while secondary market sales rose by 17.3 percent.
For the year-to-date, total transaction volumes in the city’s residential market reached 62,396, the highest level recorded since 2009.
The report noted that average prices increased by 8.9 percent in the year to September 2022, as average apartment prices and villa prices went up by 8.0 percent and 14.3 percent respectively.
As of September 2022, average apartment prices in Dubai stood at 1,133 dirhams ($308.46) per square foot, while average villa prices stood at 1,350 dirhams per square foot.
According to the CBRE report, the average apartment and villa prices in Dubai are still significantly below the highs witnessed in late 2014 — by 23.8 percent and 21.6 percent respectively.
The highest average yearly apartment and villa rental rates were respectively seen in Palm Jumeirah, where average rents reached 231,397 dirhams, and in Al Barari, where rents averaged 946,270 dirhams.