Dubai: Residential rents on the rise; fastest rate since 2014

Abu Dhabi: The residential rents in Dubai are witnessing an increasing growth at the fastest pace since late 2014, according to global commercial real estate services firm CBRE.

Dubai’s residential market continues to record strong levels of activity in May 2022, with the total volume of transactions reaching 5,542, up a whopping 33 percent from a year earlier.

The June 2022 edition of the Dubai Residential Market Snapshot published by CBRE shows that over this period, off-plan sales increased by 55.4 percent and secondary market sales by 18 percent.

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According to the report, the total transaction volumes in the year up to May 2022 reached 30,903, and this is the highest total recorded since 2009.

Average prices increased by 10.9 percent in the year up to May 2022.

As of May 2022, average apartment and villa rents stood at 83,485 Dirhams and 249,677 Dirhams 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 213,761 Dirham, and in Al Barari, where asking rents on average were 874,171 Dirham.

“The rate of growth for rents has continued to increase on a year-on-year basis. In this year up to May 2022 average rents increased by 19.1 percent, up from 16.2 percent recorded a month earlier, this is the fastest rate of growth since October 2014,” said Taimur Khan, Head of Research – MENA at CBRE in Dubai.

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