Average prices for apartments for 8 months increased by 7.7%, for villas – by 16%. At the same time, prices are well below the peak level of 2014.

Purchase

The total volume of transactions in the Dubai housing market in August is 9,257 (this is the fifth-largest monthly figure ever).

The highest increase in the cost of flats:

• Remraan (4.8%);
• Dubailand Residence Complex (4.8%).

The highest increase in the cost of villas is Falconcity of Wonders (5%).

At the same time, luxury apartments in Jumeirah grew by 3.4% over the month, and villas – by 2%.

Rising rents in Dubai are driving tenants to buy property even as interest rates continue to rise.

Rent

During this year, the average rent for a flat increased by 24.9%, for a villa – by 24.2%.

The highest annual rent for an apartment was at Palm Jumeirah – $60,000, and Al Barari – the highest rent for a villa ($254,000).

Source: The National News