Key Highlights:
1
In September 2022, the total transaction volumes in Dubai’s residential market reached 7,273, a 33.4% rise compared to the preceding year.
In the year to September 2022, the total volume of transactions reached 62,396, the highest level recorded since 2009, over this same period.
2
Portfolio strategy will be dialled up a notch: Only 8% of companies report no change in their real estate strategy as a result of the Covid pandemic. 63% highlight increased acceptance of the future of remote work as a consequence.
4
A gear change for workplace strategy: All elements of workplace strategy are seen as more important than they were a year ago. Enhancing or increasing provision of collaborative areas (63%), and revisiting design standards (50%) are the two main areas of focus.
9
• Switching to a green or renewable electricity tariff.
• Reduced water or energy consumption.
• Increasing facilities within buildings to sort, store and recycle waste.
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Growth plans will push location decisions up the agenda: the size and physical distribution of portfolios is coming more into sharper focus. A growing number of companies (40%) expect expansion in their portfolio footprint over the next three years; and around a fifth are considering relocating some functions, either to lower-cost areas or to better quality space.
5
Fluidity rules the roost: Over 60% of companies are looking to raise the provision of mixed, shared or mobile work settings. Nearly 80% will be downscaling dedicated assigned seating.
10
In the 12 months to September 2022, average prices rose by 8.9%, with average apartment prices increasing by 8.0% and average villa prices by 14.3%.
3
Average rental rates, in the year to September 2022, increased by 26.6%, with average apartment rents increasing by 26.7% and average villa rents by 25.5%.
4
AED 1,133
Average apartment
price per square foot in Dubai
AED 1,350
Average villa
price per square foot in Dubai
AED 2,156
Highest average apartment
price per square foot in
Dubai, in Jumeirah
AED 3,597
Highest average villa price
per square foot in Dubai, in
Palm Jumeirah
AED 90k
Average annual rent for
an apartment in Dubai
AED 269k
Average annual rent for
an villas in Dubai
Key Takeaways:
Apartment
Villa
AED 231k
Highest average annual
apartment rent in Dubai,
in Palm Jumeirah
AED 946k
Highest average annual
villa rent in Dubai, in
Al Barari
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Rental growth in Dubai reaches record highs
Dubai Residential Market Snapshot October 2022
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