Palm Jumeirah, Downtown and Dubai Marina rents skyrocket to highest since 2014

Rents in Palm Jumeirah, Downtown and Dubai Marina saw rents increase by 39.8 percent, 38.4 percent and 35.7 percent on average, respectively, a new report by real estate company CBRE showed.This is the highest rental growth since May 2014, CBRE said, adding Dubai’s residential market saw 6,524 real estate transactions in July this year, showing a 58 percent jump compared to the same period last year.Average prices increased by 9.9 percent in the year to July 2022, of which apartment and villa prices rose by 8.7 percent and 17.8 percent, respectively.As of July, average apartment prices in Dubai stood at AED1,114 per square foot and average villa prices stood at AED1,335 per square foot, the data showed.

“Despite the summer period, which usually sees more subdued activity levels, sales activity in Dubai’s residential market remained buoyant in July 2022, with 6,524 units transacting in the month, up 50.8 percent from a year earlier,” CBRE’s head of research Taimur Khan said. Khan added average price growth slowed, albeit it marginally to 9.9 percent, in the year to July 2022. Residential rents in Dubai increased by 23.7 percent over the first six months of the year, showing the highest annual rate of growth since May 2014.As of July 2022, average apartment and villa rents stood at AED 86,713 and AED 260,949 per annum, respectively.

In terms of apartments, Jumeirah recorded the highest average sales rate per square foot at AED2,082. Palm Jumeirah recorded the highest average sales rate per square foot at AED3,521, for villas. “In the rental market, the highest average annual apartment and villa rents respectively were found in Palm Jumeirah, where asking rents on average were AED219,769, and in Al Barari, where asking rents on average were AED925,010,” CBRE said.

Credit & Source : Palm Jumeirah, Downtown and Dubai Marina rents skyrocket to highest since 2014 - Arabian Business