Dubai property prices: where they rose and fell — October 2022

Villas on Palm Jumeirah continue to gain in value along with other prime areas such as Emirates Hills

The Dubai property market continued its growth in October, with prices having risen significantly throughout the year.

Average prices rose by 8.5 per cent for apartments and 13 per cent for villas, in the year to October, data compiled by property consultancy CBRE showed.

Month-on-month, there was a 1.4 per cent increase in apartment prices and a rise of 0.7 per cent for villas.

“The total volume of transactions in Dubai’s residential market registered was 8,269 in October 2022, highlighting an increase of 72.5 per cent from the prior year,” CBRE said in its Dubai Residential Market Snapshot.

“This increase has been underpinned by a 133.5 per cent increase in off-plan market sales while secondary market sales rose by 29.4 per cent. In the year to date to October 2022, the total transaction volumes reached 71,412, this continues to be the highest total recorded since 2009.”

Dubai’s property market has picked up pace this year as the wider economy makes a strong recovery from pandemic-driven headwinds.