HOUSING PRICES IN DUBAI SOAR AT THE FASTEST RATE SINCE 2014

Thu 13 July 2023:

the average price of residential property in Dubai climbed by 16.9% in the year up through June, the biggest gain in almost a decade, according to a survey released on Tuesday by the real estate consulting firm CBRE,

As per the report, Apartments and villas in Dubai, the major commercial hub in the United Arab Emirates, averaged 1,294 dirhams (352.3 U.S. dollars) and 1,525 dirhams per square foot, respectively.

The volume of transactions in the city’s residential market amounted to 9,876 in June, up 18.8 percent from the previous year, it added.

The average rent in Dubai went up 22.8 percent in the year to June, declining from the 24.2 percent growth rate recorded in the previous month.

The property market in Dubai, the largest city in the UAE with a population of 3.6 million people, has thrived as a result of a post-pandemic economic rebound and relaxed residence regulations.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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