The global real estate firm CBRE revealed a flourishing residential property market in the UAE, with Dubai experiencing continued robust performance in the first quarter of 2024, Invest-Gate reports.
The report highlighted Dubai’s sustained acceleration in price growth, with an average annual increase of 20.7% until March 2024. Apartment prices rose by 20.4% and villa prices by 22.1%, respectively.
Despite primary sales rates in Dubai remaining marginally below their 2014 peak by 0.1%, prices have surpassed 2014 figures in many prominent residential areas. The average price per square foot for apartments reached 1,486 dirhams, while villas averaged AED1,776 per sft.
Rental growth gained momentum in Dubai in 2024 after a moderation period in 2023, with residential rents averaging a 21.2% year-on-year increase in March, accelerating from a 20.4% growth in the previous February.
Data from the Dubai Land Department revealed 159,900 lease registrations until March 2024, a 5.8% increase from the previous year. As for supply, 6,526 units were delivered in the first quarter, with 59.7% concentrated in Meydan, Jumeirah Village Circle, and Al Furjan. The report forecasts the delivery of another 46,086 units in Dubai for the remainder of the year.
