Key Highlights:
1
In August 2022, the total volume of transactions in Dubai’s residential market registered 9,257, an increase of 70.5% compared to the prior year.
In the year to date to August 2022, the total volume of transactions registered 55,108, the highest level recorded since 2009, over this 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
Average prices in the 12 months to August 2022 rose by 8.8%, where average apartment prices rose by 7.7%, and average villa prices by 15.8%.
3
In the year to August 2022, average rentals rose by 24.8%. Over this period, average apartments rents increased by 24.9% and average villa rents by 24.2%..
4
AED 1,120
Average apartment
price per square foot in Dubai
AED 1,339
Average villa
price per square foot in Dubai
AED 2,152
Highest average apartment
price per square foot in
Dubai, in Jumeirah
AED 3,588
Highest average villa price
Per square foot in Dubai, in
Palm Jumeirah
AED 88k
Average annual rent for
an apartment in Dubai
AED 263k
Average annual rent for
an villas in Dubai
Key Takeaways:
Apartment
Villa
AED 223k
Highest average annual
apartment rent in Dubai,
in Palm Jumeirah
AED 935k
Highest average annual
villa rent in Dubai, in
Al Barari
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Rental growth in Dubai continues to remain at near historic highs.
Dubai Residential Market Snapshot September 2022
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