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Dubai's real estate market continued its growth in October 2022, with prices rising significantly throughout 2022. Average prices rose by 8.5% for apartments and 13% for villas in the year to October 2022, data compiled by the real estate consulting company CBRE showed.
On a monthly basis, prices for apartments increased by 1.4%, and for villas - by 0.7%. Dubai's real estate market has gained momentum in 2022, as the economy as a whole is actively recovering from the headwinds caused by the pandemic. The emirate's economy grew by 6.2% in 2021, preliminary data from the Dubai Statistical Center showed. According to government data, Dubai's GDP increased by 5.9% in the first three months of 2022.
Average prices in Dubai in October 2022 reached 1,149 dirhams per square meter for apartments and 1,359 dirhams per square meter for villas. Compared to the highs recorded in 2014, these average rates are still 22.8% and 6.0% below this peak for apartments and villas, respectively, CBRE reports.
The most expensive area for apartments per square meter was Jumeirah, while Palm Jumeirah was the most expensive for villas.
In October 2022, Dubai Land Department (VDV) registered a deal to purchase land in Palm Jumeirah worth 600 million dirhams ($163.4 million). This happened a few weeks after a record was set for the most expensive real estate in Dubai, when a villa in Palm Jumeirah was sold for 302 million dirhams.
Meanwhile, a villa in Palm Jumeirah has been rented for six months in recent weeks for 4 million dirhams ($1.09 million), as rents for luxury properties across the city are skyrocketing. On an annual basis, this would exceed the previous record of 7.5 million dirhams set by a villa in Emirates Hills in 2021.
