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Dubai’s real estate prices kept rising in March, reaching their 2014 record level for villas and several apartment areas.
The average flat sales rates are still 17.1% below the highs of 2014, but there are some submarkets where these rates are now higher than they were in 2014, according to new research from real estate consultancy CBRE that was published on Thursday.
“Average villa sales rates across Dubai have now surpassed their 2014 high and now sit 0.7 per cent above this figure,” said Taimur Khan, head of research at CBRE.
According to its monthly report, the average price of an apartment in March 2023 was Dh1,234 per square foot and the average price of a villa was Dh1,455 per square foot.
Over the past several quarters, there has been a significant influx of international investors into the emirate, including those from India, Pakistan, the UK, Russia, and Europe who are taking advantage of favourable rates. The huge list of individuals investing in Dubai is now being joined by billionaires like Mukesh Ambani of India and Nabilla Leona Benattia-Vergara, a well-known French influencer.
The number of residential transactions in Dubai last month totalled 11,597, the biggest monthly total ever. This brings the first quarter’s total of transactions to 29,323, the highest first quarter total ever.
The most costly locations are frequently found close to the shoreline, open spaces, or major tourist attractions, according to Alex Galtsev, the founder and CEO of Realiste.
“Those are factors that drive demand for property in Dubai and prices in turn,” he said, adding that some of these areas will also show considerable price growth in the next two years.
The most expensive neighbourhoods in Dubai were determined by Realiste, an AI-powered platform that gathers data on the local real estate market. Jumeirah Bay claimed the top rank, with an average flat costing Dh20 million.
Al Sufouh, Umm Suqeim Second, Arabian Ranches, Bluewaters Island, Za’abeel, Al Yufrah, and Wadi Al Safa are some of the other most pricey neighbourhoods.
According to the CBRE report, in the year ending in March 2023, the average price of an apartment climbed by 12.4%, while the price of a villa increased by 14.8%.
The greatest sales rate per square foot for apartments was recorded at Jumeirah, reaching Dh2,441, while the highest sales rate per square foot for villas at Palm Jumeirah was Dh4,457.
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