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Average rent soars to 24.8% year-over-year in August 2022
Average rent soars to 24.8% year-over-year in August 2022 迪拜
By   Internet
  • 都市报
  • Rent
  • Office
  • Residential
Abstract: Real estate experts predict that rents in Dubai will achieve near-record growth and may start to slow down in the near future as supply increases.

Average rents in Dubai soared to 24.8% year-on-year in August 2022, up from 23.7% a month earlier.

 

Rent growth has slowed for three consecutive months on a year-over-year basis, suggesting that it may start to see a slowdown in rent growth in the near future.

 

Average rents rose 24.8% in the year ending August 2022. During this period, apartment rents increased by an average of 24.9% and villa rents increased by an average of 24.2%.

 

The highest annual rents for apartments and villas were recorded in Palm Jumeirah and Al Barari, reaching Dh222,870 and Dh935,046 respectively.

 

Average prices are rising in all regions and the real estate market is set to continue its golden rise in the second half of the year.

 

Although average prices have not yet reached the peak levels of 2014, the significant growth indicates that the market will not be affected by the global challenges and will end the year on a very strong note.

 

Average rents across the UAE will remain stable for the next 12-18 months due to high supply, particularly in Dubai. For example, in February this year, Emaar Properties delivered Dubai Hills Mall with a GLA of approximately 2 million square feet.

 

In the office sector, average rents are expected to rise moderately for DIFC and Aldar Investment Properties as demand for Grade A office space is good and supply in this sector is limited.

 

The recently completed office buildings are B-class developments with low demand.

 

The epidemic has led to a change in employee preferences, which has led to more inquiries about flexible space options and higher quality office buildings. As a result, the average vacancy rate for premium office space is expected to be lower than other properties in the market.

 

Over the next 12 to 18 months, average residential prices will stabilize or soften moderately, driven by the continued supply of new homes. Dubai will have 58,000 new homes for sale this year, representing approximately 9.0% of the existing stock.

 

By comparison, 9,000 homes will be built in Abu Dhabi in 2022, representing approximately 3.0% of the existing stock. Abu Dhabi's future supply will be easier to absorb as its supply and demand dynamics are more balanced than Dubai's.

 

Dubai's residential market totaled 9,257 units in August, up 70.5% from a year ago. During the same period, off-plan and secondary market sales increased by 68.5% and 72.4% respectively.

 

The total number of transactions for the year ending August 2022 reached 55,108, the highest level since 2009.

 

Average prices increased by 8.8% in the 12 months to August 2022, with apartments up 7.7% and villas up 15.8%.

 

The average price of an apartment in Dubai is Dh1,120 per square foot and the average price of a villa is Dh1,339 per square foot.

 

According to the CBRE report, these average prices are still below their peak levels in 2014, when prices for apartments and villas were 24.7% and 7.3% below this peak, respectively.

 

The total number of transactions in the Dubai residential market reached 9,257 units in August, the fifth highest monthly volume on record.

 

Transaction activity in the sector continues to ignore the challenging global economic backdrop and a period of typically low transaction activity.

 

With higher lending rates, average house price growth slowed to 8.8% in the year to August 2022, from 9.9% a month earlier.

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Average rent soars to 24.8% year-over-year in August 2022
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