Real estate research company CBRE reports that residential property prices in Dubai rose the fastest in almost a decade, increasing by 16.9% in the year ending June 30, Invest-Gate reports.

Notably, the average rental prices rose by 22.8%, while the average price per sqm for apartments was AED 13,928 ($51,158), and the average price per sqm for villas was AED 16,414.

Dubai has become one of the fastest-growing cities in the world, with a population of 3.6 mn as of July 5, according to the Emirates Statistics Center.

The real estate market in Dubai has flourished following a rapid economic recovery after the COVID-19 pandemic and the easing of residency rules.

According to CBRE, 9,876 residential units were sold in June, up 18.8% from the previous year, with off-plan sales rising by 44.9%, while secondary market sales fell by 0.5%. Average rental prices increased by 22.8% in the year to June 30, slowing from a growth rate of 24.2% at the end of May.