Sculptures at 'The Pointe' in Palm Jumeirah. SUPPLIED

Property prices rise on villas, apartments in Dubai

Dubai's real estate prices kept rising in March, reaching their 2014 record level for villas and several apartment neighborhoods. The average apartment sales rates are still 17.1 percent below the highs of 2014, but there are some submarkets where these rates are currently higher than they were in 2014, according to new research from real estate consultancy CBRE that was published on Thursday (April 13). 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 favorable rates. The number of residential sales in Dubai last month totaled 11,597, the biggest monthly total ever. This brought the number of transactions in the first quarter to 29,323, the greatest number ever for the first quarter of the year. The most expensive areas are frequently found close to the shoreline, open spaces, or major tourist attractions, according to Alex Galtsev, the founder and CEO of Realiste. In two years, some of these places will also experience significant price growth. The most expensive neighborhoods 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 expensive neighborhoods. According to the CBRE report, in the year ending in March 2023, the average price of an apartment climbed by 12.4 percent, while the price of a villa increased by 14.8 percent. The biggest 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. KD/Expat Media
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