As per CBRE, prices for apartments and villas are still 27.1 percent and 13.5 percent below their 2014 peaks, respectively
Despite ongoing high levels of interest in January. The rate of price increase in the Dubai real estate industry was predicted to slow this year. CBRE advisers claim that deal volumes in Dubai increased by more than 80 percent last month, to 5,517, from January 2021. After a robust start, Dubai property price growth is expected to decrease in 2022.
According to CBRE, prices for flats and villas are still 27.1 percent and 13.5 percent lower than the 2014 peak, respectively. VEFA sales climbed by 187.5 percent during this time. While secondary market sales increased by 32.5 percent.
CBRE also reported that average prices increased 10.2% in the year to January 2022. During that time, average apartment prices increased by 8.5 percent. While average apartment prices increased by 21.8 percent for villas. The average price of an apartment in Dubai reached AED 1,085 per sq. ft. last month. While the average price of a villa was AED 1,250.
These costs per square foot are 27.1 percent and 13.5 percent lower, respectively, just at peak for apartments and villas, than they were at the end of 2014, according to CBRE.
“Momentum for growth in trading volumes and prices grew in January as the Dubai housing market continues to witness record levels of activity,” said Taimur Khan, Head of Research – MENA at CBRE in Dubai. Looking to the future, we expect market volatility to remain strong, but price rise to be mild.
According to CBRE, the average sale rate per sq. ft. for Downtown Dubai apartments was AED 1,958. Palm Jumeirah seemed to have the highest median sale rate per square foot in the villa section of the market, at AED 2,699.
According to report data, average rentals grew 10.1 percent in the year to January, with average rents for flats and villas jumping 8.3 percent and 22.8 percent, respectively. The average annual rents for apartments and villas remained AED 76,347 and AED 230,275, respectively, as of last month.
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