The latest CBRE Dubai Residential Real Estate Market Snapshot August 2023 report suggests rents have increased in the market by some 20% year-on-year, as the volume of transactions recorded in the market in July jumped to a YoY rate of 53.4%.
Total transactions in July hit 10,080, the data says, with year-to-date transactions to July hitting 67,818, which CBRE says is the highest total ever recorded for this period.
In the 12 months to July 2023, average residential prices increased by 18.1%, up from the 16.9% growth recorded in June 2023. Over the same period, average apartment and villa prices increased by 18.5% and 16.2%, respectively.
Average residential rents were up 22% in the year through July 2023, down from the 22.8% increase registered in June 2023. Over this period, average apartment rents grew by 21.9%, and average villa rents rose by 22.6%.
The full CBRE report, including discrete breakdowns of valuation movements by local area within Dubai, can be downloaded here: https://mktgdocs.cbre.com/2299/09a4e4d8-14b5-439b-838a-c02278ee2e33-2226757291.pdf
