Dubai’s residential real estate prices rose in June at the strongest pace since 2014, as demand continued to rise.
The average price for residential units in the emirate grew by 16.9 per cent on an annual basis, up from 15.9 per cent year-on-year from the data recorded in May this year, consultancy CBRE said in its Dubai Residential Market Snapshot report on Tuesday.
Average apartment prices in June surged by more than 17 per cent to Dh1,294 ($352.6) per square foot while villa prices climbed by 15 per cent to Dh1,525 per square foot.
Although, the average apartment sales rates remain about 13 per cent below the 2014 levels, “several communities have already surpassed their peak”, the CBRE report said.
“On the other hand, average villa sales rates currently sit 5.5 per cent above their [comparative] 2014 figures.”
In June, the volume of transactions in the emirate, the commercial and trading hub of the Middle East, rose to 9,876, an almost 19 per cent annual increase.