Residential prices in prime Dubai continue to rise, up 29 percent in the third quarter alone, thanks to the influx of ultra-high net worth individuals into the city.

Property prices on the Palm Jumeirah have risen by more than 100 percent compared to the pre-epidemic period, and sales of super luxury homes are at record levels.

A total of 152 homes have been sold so far this year, surpassing the 93 sold in 2021.

The third quarter of 2022 alone accounted for 93 of those 152 transactions.

With prices of around Dh3,200 per square foot, Dubai's prime housing remains one of the most affordable residential areas in the world.

Demand for Dubai property from high net worth individuals is expected to continue to grow, with prices likely to rise by 5%-7% by the end of the year.

Notably, prices for prime Dubai property could rise by 60-80% by the end of the year compared to 2021.

The latest figures show that the average annual rent for a villa in Dubai reached Dh268,758 in September, up 26% over the past year.

Meanwhile, the average annual rent for apartments soared 27 percent to Dh89,986.

House rents in Dubai are on the rise across the city.

Deira is the most affordable place to rent a villa, with an average rent of Dh112,737, up 3.5% from the previous year.

The rapid spike in Dubai rents is due to the increasing influx of foreigners into Dubai.

Luxury real estate prices in Dubai have soared due to the influx of high net worth individuals, rising 89 percent over the past year. the average selling price of a villa rose 14 percent in September, while the price of an apartment rose 9 percent.

Palm Jumeirah had the highest apartment rents, averaging Dh231,397. villas in the Al Barari neighborhood rented for Dh946,270 per year, and Emirates Hill averaged Dh879,077.

Rental growth in Dubai is likely to start slowing down early next year.

The monthly growth rate is currently slowing and many renters have moved to cheaper areas.