Rise in Property Prices in Dubai

The real estate research company "CBRE" reported today, Tuesday, that residential property prices in Dubai rose in the year ending June 30, at the fastest pace in nearly a decade, jumping 16.9%. Additionally, the average rental prices surged by 22.8%. The average price per square meter for apartments reached AED 13,928 ($51,158), while the average price per square meter for villas was AED 16,414. According to CBRE, 9,876 residential units were sold in June, an increase of 18.8% compared to the previous year, with sales on off-plan contracts rising by 44.9%, while secondary market sales declined by 0.5%. The average rental prices increased by 22.8% over the year, slowing down from a growth rate of 24.2% at the end of May.