Key Highlights:
1
In October 2022, the total transaction volumes in Dubai’s residential market reached 8,269, a 72.5% rise compared to the preceding year.
In the year to October 2022, the total volume of transactions reached 71,412, this continues to be the highest total recorded since 2009.
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
Average prices rose by 9.2%, in the year to October 2022, where average apartment prices rose by 8.5% and average villa prices by 13.0%.
3
In the 12 months to October 2022, average rents increased by 27.3%, where average apartment rents rose by 27.5% and average villa rents by 25.7%.
4
AED 1,149
Average apartment
price per square foot in Dubai
AED 1,359
Average villa
price per square foot in Dubai
AED 2,226
Highest average apartment
price per square foot in
Dubai, in Jumeirah
AED 3,704
Highest average villa price
per square foot in Dubai, in
Palm Jumeirah
AED 92k
Average annual rent for
an apartment in Dubai
AED 274k
Average annual rent for
an villas in Dubai
Key Takeaways:
Apartment
Villa
AED 242k
Highest average annual
apartment rent in Dubai,
in Palm Jumeirah
AED 956k
Highest average annual
villa rent in Dubai, in
Al Barari
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Rental growth continues to accelerate in October 2022
Dubai Residential Market Snapshot November 2022
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