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Dubai: Rental growth reaches highest rate since May 2014

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Global commercial real estate services and investment firm CBRE has released its latest Dubai Residential Market Snapshot.

Its findings revealed that the total volume of transactions in Dubai’s residential market reached 6,524 in July, up 58 per cent from a year earlier. Over this period, off-plan sales increased by 59.0 per cent and secondary market sales by 57.1 per cent.

Total transaction volumes in the year to date to July reached 45,793 this is the highest total recorded since 2009, over this period.

Average prices increased by 9.9 per cent in the year to July. Over this period, average apartment prices increased by 8.7 per cent and average villa prices by 17.8 per cent. As of July, average apartment prices in Dubai stood at Dhs1,114 per square foot and average villa prices stood at Dhs1,335 per square foot.

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CBRE’s findings showed that compared to the highs witnessed in late 2014, these rates per square foot are 25.1 per cent and 7.6 per cent below the peak, for apartments and villas respectively.

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In the apartments segment of the market, Jumeirah recorded the highest average sales rate per square foot at Dhs2,082. Whereas in the villas segment of the market, Palm Jumeirah recorded the highest average sales rate per square foot at Dhs 3,521.

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Average rents in the 12 months to July have increased by 23.7 per cent, with average apartment and villa rents increasing by 23.5 per cent and 24.8 per cent respectively. As of July, average apartment and villa rents stood at Dhs86,713 and Dhs260,949 per annum respectively.

In the rental market, the highest average annual apartment and villa rents respectively were found in Palm Jumeirah, where asking rents on average were Dhs219,769, and in Al Barari, where asking rents on average were Dhs925,010.

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Gulf Business

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