According to the analytical report of the international consulting company CBRE, the Dubai real estate market has reached record levels in 2015 for the first time in the past seven years. The number of transactions in the first month of the year increased by more than 80% compared to the same period in 2021. The growth in demand for ready-made housing amounted to 32.5%, while off-plan transactions increased by 187.5%. This indicates the heightened interest of investors in the housing stock of the largest metropolis.
Property prices also increased by an average of 10.2%, with the final figures depending on the type of property:
- Flats and apartments have risen in price by 8.5%. The average price per square meter reached $3,190.
- Villas have increased in price by almost 22%. The cost per square meter averaged $3,675.
However, this is not yet the highest possible price ceiling. Up to the maximum level of 2014, the cost of apartments has not yet reached 27.1%. Villas at the peak of sales were 13.5% more expensive.
The most noticeable increase in prices is in several communities, including Downtown Dubai and Palm Jumeirah. The average cost per square meter in these communities varies from $5,757 to $7,935. The growth affected not only sales but also rents, which in 2021 increased by 22.8% for villas and 10.1% for apartments.
