In the year to November 2022, a total of 81,919 residential transactions were recorded, surpassing the record high for the same period in 2009.

In the 12 months to November 2022, the average price increased by 9.5%.

During this period, the average price of flats and villas increased by 9.0% and 12.7% respectively.

The average price of a flat in Dubai is AED 1,161 per square foot, while the average price of a villa is AED 1,374 per square foot.

These average prices for flats and villas remain below the highs of 2014 at 22.0% and 4.9% respectively.

In the flat market, Jumeirah had the highest sales rate per square foot at Dhs2,310, while in the villa market, Palm Jumeirah had the highest sales rate per square foot at Dhs3,802.

In the year to November 2022, average asking rents increased by 27.3%, with average flat rents increasing by 27.6% and average villa rents increasing by 25.4%.

The average annual rents for flats and villas were AED 93,359 and AED 278,546 respectively in the year to November 2022.

The Palm Jumeirah has the highest average annual rent for flats and villas in the rental market, with their average rent reaching AED 243,219 and AED 982,047 respectively.

As of November 2022, the residential market in Dubai has reached record levels of activity with total transactions reaching 81,919, surpassing the record high for the whole of 2009, when the number of transactions stood at 81,182.

This strong level of activity continues to support average price growth, with average prices for flats and villas increasing by 9.0% and 12.7% respectively in the 12 months to November 2022.

However, we are seeing a slowdown in the rate of average price growth, particularly in the villa market, and we expect the flat market to follow this trend in the near term.

Nevertheless, certain prime markets will continue to record strong growth rates. In the rental market, average rents continue to grow and are near their highest levels ever.

In response, tenants seem to be more inclined to renew their existing leases.

This has been portrayed through Ejari's data, which shows that the number of new contracts registered in the year to November 2022 fell by 5.8% year-on-year, while renewals increased by 33.8%.