Dubai’s residential real estate prices rose in June at the strongest pace since 2014, as demand continued to rise.
The average price for residential units in the emirate grew by 16.9 per cent on an annual basis, up from 15.9 per cent year-on-year from the data recorded in May this year, consultancy CBRE said in its Dubai Residential Market Snapshot report on Tuesday.
Average apartment prices in June surged by more than 17 per cent to Dh1,294 ($352.6) per square foot while villa prices climbed by 15 per cent to Dh1,525 per square foot.
Although, the average apartment sales rates remain about 13 per cent below the 2014 levels, “several communities have already surpassed their peak”, the CBRE report said.
“On the other hand, average villa sales rates currently sit 5.5 per cent above their [comparative] 2014 figures.”
In June, the volume of transactions in the emirate, the commercial and trading hub of the Middle East, rose to 9,876, an almost 19 per cent annual increase.
Off-plan transactions grew by almost 45 per cent, but the secondary market transactions soften marginally in June, according to CBRE data.
In the first six months of the year, the emirate recorded a total of 57,737 residential property deals, the highest-ever figure.
“A strengthening of price growth has been witnessed in Dubai’s residential market over the past few months … [and] this stronger rate of growth has been supported by the elevated activity levels,” Taimur Khan, head of Mena research at CBRE, said.
“Midway through the year, the total transaction volumes hit the highest level on record over.”
Dubai's economy grew by 4.6 per cent on an annual basis in the first nine months of 2022, driven by wholesale and retail trade accounting, according to data from the emirate's statistics centre.
The emirate's economy is estimated to have grown 5 per cent last year and is forecast to increase by 3.5 per cent in 2023, according to Emirates NBD.
Dubai's property market has bounced back strongly from the coronavirus-induced slowdown, helped by government initiatives such as residency permits for retirees and remote workers.
The Emirates’ move to expand the 10-year golden visa programme, the economic gains generated by Expo 2020 Dubai and higher oil prices also supported property market growth momentum.
Dubai is also the world's top market for $10-million homes as sales hit $3.1 billion in the first half of the year, edging past Hong Kong and New York, according to global property consultancy Knight Frank.
In the first six months, Dubai achieved 79 per cent of the total number of $10 million homes sold in 2022, according to the consultancy.
Downtown Dubai registered the highest sales rate per square foot in the apartment segment of the market, reaching Dh2,440, while Palm Jumeirah registered the highest per square foot in the villa segment at Dh4,845.
In the rental market, average rents increased by 22.8 per cent in the year to June 2023, down from the 24.2 per cent increase recorded a month earlier.
In June 2023, the average annual apartment and villa rents stood at Dh104,685 and Dh314,552, respectively.
“We continue to experience softening in the rental market – a trend we expect to be maintained over the upcoming period, particularly since rental growth rates in several major areas are moderating, and many listings within these communities are reducing their asking rents.”
Results
United States beat UAE by three wickets
United States beat Scotland by 35 runs
UAE v Scotland – no result
United States beat UAE by 98 runs
Scotland beat United States by four wickets
Fixtures
Sunday, 10am, ICC Academy, Dubai - UAE v Scotland
Admission is free
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
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Second Test, Sinhalese Sports Club Ground
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Third Test, Pallekele International Stadium
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August 20
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August 24
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What Super Bowl LIII
Who is playing New England Patriots v Los Angeles Rams
Where Mercedes-Benz Stadium in Atlanta, United States
When Sunday (start time is 3.30am on Monday UAE time)
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Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
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