Property prices in Dubai rose in most areas of the city during February, according to CBRE.
Transaction volume in the year to date to February reached 11,071 — the highest total recorded in the first two months of the year.
Average prices were up 10.7 per cent in the year to February, with average apartment prices rising 9.1 per cent and villa prices increasing 21 per cent.
Click through the slideshow above to see where apartment prices have risen and fallen.
Where were the highest price increases in Dubai?
The Green Community (DIP) recorded the biggest month-on-month rise in the apartment sector in February, with a 3 per cent gain, followed by Jebel Ali at 2.8 per cent and Jumeirah, Dubai Festival City and Meydan City at 2.7 per cent.
In the villa segment, Jumeirah Village Circle properties rose on average 3 per cent in February, while Palm Jumeirah villas — which are the most expensive in Dubai per square foot — were up 2.9 per cent.
Downtown Dubai is the most expensive area per square foot for apartments, CBRE's Residential Market Snapshot for March 2022 showed.
See the villa price rises and falls in the slideshow below.
What's driving the rise in prices?
The UAE property market has been rebounding on the back of government initiatives, such as residency permits for retirees and remote workers, as well as the expansion of the 10-year golden visa programme, and the economic boost from Expo 2020 Dubai.
The market has also been benefited by the country's widespread coronavirus vaccination programme, which has kept cases relatively low compared to other countries around the world.
Meanwhile, demand for extra space and additional amenities amid spells of working from home during the past 12 months have also boosted activity within the real estate sector.
“In 2022 we have seen payment plans tighten and post-promotion mortgage rates increase. Despite this, residential transaction activity in Dubai is at historic highs,” said Taimur Khan, head of research Mena at CBRE in Dubai.
Business conditions in Dubai's non-oil private sector economy improved sharply in February, with the emirate's seasonally adjusted IHS Markit Purchasing Managers' Index climbing to 54.1 from 52.6 in January.
A reading above the neutral 50 level indicates economic expansion, while one below points to contraction.
“New business growth in Dubai is a “promising sign that the Omicron [Covid-19] variant has had only a minor impact on the economy compared to previous waves of the pandemic,” David Owen, an economist at IHS Markit, said.
Dubai property prices have been rising for some time now …
The value of property deals in Dubai more than doubled last year and broke a 12-year record for value of sales.
The emirate registered 61,241 sales deals worth Dh151.07 billion ($41.1bn) in 2021, making it the best year for total transactions since 2013 and the highest in terms of value since 2009, according to listings portal Property Finder.
Meanwhile, luxury home sales hit their highest last year since 2015, property consultant Knight Frank said in a report.
A total of 93 homes each worth more than $10 million were sold as wealthy buyers tapped into the post-coronavirus recovery.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The specs
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Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
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Fuel consumption: 11.2L/100km
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Price: expected to start at Dh1,432,000
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