Daily Times

Dubai residential property prices rose by 16.9% in the year to June 30, the fastest in nearly a decade, while average rents increased by 22.8%.

The average price per square foot for apartments was 1,294 dirhams ($352.31), while villas were 1,525 dirhams per sq ft.

Dubai, home to the world’s tallest skyscraper and palm-shaped man-made islands, has become one of the world’s fastest-growing cities, with a population of 3.6 million as of July 5, according to the emirate’s statistics office.

Its property market has exploded following a rapid post-pandemic economic recovery and relaxed residency rules.

In June, 9,876 residential units were sold, up 18.8% from a year earlier, with off-plan sales jumping 44.9%, while the secondary market’s sales weakened by 0.5%, CBRE added.

Average rent was up 22.8% in the year to June 30, slowing from the 24.2% growth recorded at the end of May.

“Rental growth rates in several major areas are moderating and many listings within these communities are reducing asking rents,” said Taimur Khan, CBRE’s head of research.