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Dubai Sales & Rents Surpassed Expectations

Dubai’s sales and rents have surged to unprecedented levels, strikingly demonstrating the city’s burgeoning real estate market. Moreover, the market is experiencing a sustained period of strong growth, with no signs of slowing down in the near future.

In 2022, the city of Dubai registered an impressive 90,881 residential transactions, according to real estate adviser CBRE Group Inc., surpassing the previous record of 81,182 deals in 2009. Moreover, Ejari contracts, or home rental agreements, increased by 11% in comparison to the previous year, demonstrating an increase in the city’s population.

The average annual rent for a villa — family homes — in Dubai surged by about 25% to 282,150 dirhams ($76,817) in the year to December and average apartment rents jumped 27% to 95,168 dirhams, according to CBRE. The average price of apartments rose 9% and villas 12.8% in that period.

In expatriate-dominated Dubai, home prices and rents have skyrocketed due to an influx of Russian investors looking to secure their wealth in the wake of the Ukraine invasion, as well as bankers leaving the tightened lock-downs in Asia. Additionally, Israeli investors, crypto millionaires, and hedge fund executives have arrived, following the city’s easing of social restrictions and liberalization of laws to maintain its position as the top business center in the region.

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