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According to the latest JLL report on the UAE real estate market, total house prices in Dubai increased by 9% year-on-year in the third quarter of 2022, while average rental rates increased by 25%. Both sales and rentals were supported by strong demand and increased buying activity.
While the average rent increased by 2% per year, the sale prices in the capital increased by 4%. According to the report, there is a growing demand for new construction in Abu Dhabi's investment zones, especially for townhouses and villas.
The demand of investors and buyers leads to an increase in prices throughout the UAE. According to JLL's analysis, both off-plan sales and secondary market sales are growing as a result of increased profitability.
According to the quarterly report, about 6,600 residential units were commissioned in Dubai in the third quarter of 2022, bringing the total fund of the city to 672,000 units. Another 20,000 residential units are expected to be completed by the end of the year.
In Abu Dhabi, more than 1,900 housing units were commissioned in the third quarter of 2022, bringing the total number of houses in the Emirate to about 278,000.
