Dubai’s Stunning Property Rebound Lifts Sales, Rents to Record
- City recorded the most number of residential sales since 2009
- CBRE says rents and prices look set to moderate this year
Skyscrapers on the city skyline beyond residential villas in the Jumeirah district of Dubai, United Arab Emirates.
Photographer: Christopher Pike/BloombergA spectacular turnaround in Dubai’s property market last year saw the Middle East’s financial hub break a decade-long record for total home sales and lifted rents to unprecedented levels.
The city registered 90,881 residential transactions in 2022, according to real estate adviser CBRE Group Inc. — beating the previous record of 81,182 deals in 2009. Ejari contracts, or home rental agreements, increased 11% in 2022 compared with a year earlier, reflecting a growth in the city’s residents.
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Dubai’s Stunning Property Rebound Lifts Sales, Rents to Record