Average flat rents increased by 21.9 per cent and average villa rents by 22.6 per cent during the period, CBRE, a commercial real estate services and investment company, said in a report.

Average annual rents for flats and villas reached AED105,691 and AED319,994 respectively in July, while Palm Jumeirah had the highest average annual rent at AED256,785.

The Al Barari residential area, with an average rent of Dh1,094,034, also featured in the report.

In July, the total number of residential transactions in Dubai reached 10,080, an increase of 53.4 per cent year-on-year.

CBRE noted that this growth was driven by a 78.4 per cent increase in sales in the off-plan market and a 33.8 per cent increase in sales in the secondary market.

As of July, the total number of transactions for the year had reached 67,818 units, the highest on record.

The emirate's residential sales market also recorded steady growth, with average prices increasing by 18.1 per cent, up from the 16.9 per cent growth rate recorded in June 2023.

During the same period, the average price of flats rose by 18.5 per cent to Dh1,320 per square foot, while the average price of villas increased by 16.2 per cent to Dh1,552 per square foot.

Palm Jumeirah had the highest price point in both the flat and villa markets, with an average sales price of AED 2,463 and AED 4,943 per square foot respectively.