Total number of residential transactions in Dubai surged 63% YoY to 8,662 in December 2022, a report by real estate services company, CBRE, shows, Invest-Gate reports.

For the whole year, total residential transactions in the emirate grows to 90,881 in 2022.

Average property prices jumped 9.5% YoY in 2022, while apartment prices increase by 9% YoY and average villa prices grew12.8%.

As of December 2022, Dubai’s average apartment prices registers AED 1,168 per sq ft, and average villa prices hits AED 1,385 per sq ft.

Furthermore, average rents soared 26.9% YoY in 2022. Average apartment and villa rents increased by 27.1% and 24.9%, respectively.

Taimur Khan, Head of Research at CBRE for MENA, comments: “In the year ahead, we expect that both the average rates of price and rental growth will remain positive, however, we expect the rates to moderate and in certain more nascent communities with strong supply pipelines, to decline.”