As per CBRE’s newest research, overall transaction volumes in Dubai’s residential market increased by 33% to 5,542 in May 2022. Dubai’s residential sales hit a 13-year high in May, mostly driven by new developments, according to the latest market data.
The residential transactions in the first five months of the year totalled 30,903 homes, the most since 2009. That number was 33% higher compared to the same period in the previous year. New construction homes were the main market drivers, with off-plan sales rising 55.4% year over year in May. The secondary market, or existing-home sales, increased 18% from a year ago, the report said.
With the recent growth in the real estate market, experts say that Dubai has emerged as the world’s new financial hub. Attracting millionaires from across the world for growing real estate capital. UAE’s low tax regime is an attraction for most immigrants and investors. The country’s success in attracting tourism and trade through visa exemptions and successfully hosting the Expo 2020, during the toughest times of COVID-19 further promoted the popular position.
The rental segment in Dubai grew in tandem with the sales market, with average rents increasing 19.1% year over year in May. The average yearly rent for a typical villa stood at AED 249,677, and the average apartment rent was AED 83,485. Downtown Dubai recorded the highest average sales rate per square foot at AED 2,045 in the apartment segment and remained the most preferred destination of buyers. In the villa segment, Palm Jumeirah stayed on top position and recorded the highest average sales rate per square foot at AED 3,207.
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