Real estate prices in Dubai grow by 20.7%.

A report issued by the American global real estate company "CBRE" revealed a booming trend in Dubai's real estate prices, continuing strong performance throughout the first quarter of 2024.

The report highlighted the ongoing acceleration in Dubai's real estate price growth, with an average annual increase of 20.7% until March 2024. Apartment prices rose by 20.4%, and villa prices increased by 22.1%.

Although the average prime sales rates in Dubai remain marginally below their peak levels in 2014 by 0.1%, prices have surpassed 2014 levels in many prominent residential neighborhoods.

The average price for apartments reached AED 1,486 per square foot, while the average price for villas stood at AED 1,776 per square foot.

The report confirmed that rental growth in Dubai gained momentum in 2024 following a period of moderation in 2023. Average residential rents recorded an annual increase of 21.2% last March, compared to a growth of 20.4% in the previous February. The average rental prices for apartments and villas in Dubai rose by 22.1% and 14.5%, respectively.

Data from the Dubai Land Department also revealed that the total number of rental registrations until March 2024 reached 159.9 thousand, an increase of 5.8% over the previous year.

Regarding supply, a total of 6,526 units were delivered in the first quarter of the year, with 59.7% of this supply consisting of units in Meydan One, Jumeirah Village Circle, and Al Furjan. The report expects an additional 46,086 units to be delivered in Dubai during the remainder of the year.

Editing by: Imtilak Real Estate©