Dubai villa prices in prime areas recorded significant increases in June as transactions in the wider market stayed close to historical highs.
Average residential property prices increased 10 per cent in the year to June, with apartment prices nearly 9 per cent higher on average and villa prices increasing 19 per cent, CBRE said in its latest Dubai market report.
Month on month, apartment prices across Dubai edged up 0.1 per cent, while villa prices gained more than 1 per cent.
“Transaction activity in Dubai’s residential market continues to remain near historical highs, with total transactions in the year to date to June 2022 reaching 38,901," said Taimur Khan, head of research for the Mena region at CBRE. "This is the highest total recorded since 2009, over this period."
Mortgage transactions were steady despite recent interest rate increases in the UAE.
"Dubai's real estate market shows no signs of slowing down despite the challenges posed by global tensions and inflation," said Elias Hannoush, managing director of Morgan's International Realty.
"Since the end of Covid restrictions, the average transactional price per square foot has been steadily increasing, and this quarter was no exception."
Check apartment price rises and falls in the slide show below
-

Jumeirah: Dh2,079 per square foot — up 1.8 per cent in June, up 3.6 per cent in May, up 3.5 per cent in April. The National -

APARTMENT PRICES: Downtown Dubai rose by 0.3 per cent month-on-month in June, 0.5 per cent in May and are at Dh2,050 per square foot (they were up 0.7 per cent in April). Reuters -

The Palm Jumeirah: Dh1,913 per square foot — down 4.2 per cent in June, up 4.2 per cent in May, up 4 per cent in April. Antonie Robertson / The National -

DIFC: Dh1,679 per square foot — down 0.5 per cent in June, up 2.5 per cent in May, up 1.2 per cent in April. Jeff Topping / The National -

Mohammed bin Rashid City: Dh1,531 per square foot — up 1.9 per cent in June, up 2.3 per cent in May, down 0.2 per cent in April. Satish Kumar / The National -

Dubai Hills: Dh1,511 per square foot — up 1.6 per cent, up 2.7 per cent in May, up 0.3 per cent in April. Photo: Emaar Malls Management -

Business Bay: Dh1,489 per square foot — down 2.2 per cent in June, up 1.3 per cent in May, up 1.7 per cent in April. Sarah Dea / The National -

Jumeirah Beach Residence: Dh1,412 per square foot — down 2.8 per cent in June, down 1.0 per cent in May, down 2.2 per cent in April. Photo: LuxuryProperty.com -

Dubai Marina: Dh1,386 per square foot — up 1.8 per cent in June, down 0.3 per cent in May, down 0.7 per cent in April. Victor Besa / The National -

The Greens and The Views: Dh1,082 per square foot — up 1.2 per cent in June, down 2.5 per cent in May, down 0.6 per cent in April. Sarah Dea / The National -

Jumeirah Lakes Towers: Dh1,004 per square foot — down 0.9 per cent in June, up 3.1 per cent in May, down 1.1 per cent in April. Antonie Robertson / The National -

Damac Hills: Dh1,002 per square foot — up 0.4 per cent in June, up 2.1 per cent in May, down 0.7 per cent in April. Pawan Singh / The National -

Jumeirah Village Circle: Dh911 per square foot — up 1.2 per cent in June, up 0.4 per cent in May, up 0.1 per cent in April. Razan Alzayani / The National -

Town Square: Dh846 per square foot — down 1.9 per cent in June, up 0.4 per cent in May, down 1.9 per cent in April. -

Motor City: Dh653 per square foot — down 2.5 per cent in June, up 0.8 per cent in May, down 0.7 per cent in April. -

Dubai Silicon Oasis: Dh601 per square foot — up 3.6 per cent in June, down 2.9 per cent in May, down 0.7 per cent in April. Chris Whiteoak / The National -

Dubai Sports City: Dh606 per square foot — up 3.0 per cent in June, down 3.9 per cent in May, down 1.1 per cent in April. Reem Mohammed / The National -

Discovery Gardens: Dh515 per square foot — down 1.8 per cent in June, up 0.3 per cent in May, down 2.2 per cent in April. Pawan Singh / The National -

International City: Dh442 per square foot — up 0.9 per cent in June, down 0.5 per cent in May, down 0.6 per cent in April. Antonie Robertson / The National
Where were the highest price increases in Dubai?
The likes of Palm Jumeirah, Emirates Hills, District One and Dubai Hills all recorded increases of more than 4 per cent month on month.
June was the third month running that Palm Jumeirah had an increase of about 5 per cent on the month previous, as demand outstrips supply at the top end of the market.
Palm Jumeirah has the highest price per square foot for villas at Dh3,365.
In the apartment segment, Dubai Silicon Oasis recorded a 3.6 per cent rise in June, while Jebel Ali registered about a 4 per cent increase, CBRE data showed.
June was the highest month yet for Dubai sales value at about Dh23 billion ($6.2bn) — about 55 per cent higher in overall value year on year when compared with June 2021, according to Dubai Land Department data. As of July 1, 71 per cent of the total sales volume of 2021 had been reached.
"The Dubai real estate market has not disappointed us this year with consistent growth month on month and quarter on quarter despite global and local macroeconomic conditions," said Lynnette Sacchetto, director of data and digital transformation at Allsopp & Allsopp.
There was notable growth in June, month on month, when compared with May of this year with a 33 per cent increase in real estate volume and 24 per cent increase in value.
There was also 9.5 per cent increase quarter on quarter in real estate volume and about a 7 per cent increase in value compared with Q1 2022.
"I do not foresee these trends slowing down or shifting any time soon,” Ms Sacchetto said.
How high will Dubai property prices go?
A new record was set earlier this year when a Palm Jumeirah villa sold for Dh280 million. Brokers recently told The National there is a good chance a sale of more than Dh300m will be achieved.
Dubai's prime property sector is cheaper than other major cities around the world ― $1 million buys you 1,330 square feet in Dubai, four times more than you would be able to secure in London or New York.
Government initiatives, such as the expansion of the 10-year Golden Visa programme and new types of residence permits for retirees and remote workers, have contributed to price increases, while the swift and effective Covid-19 vaccine campaign has given investors a safe haven perception of the UAE.
"An effective vaccination programme led to one of the highest coronavirus inoculation rates globally, allowing the country to reopen for international business and tourism earlier than most countries," Fitch Ratings said.
"In addition, government initiatives to boost growth and competitiveness, including liberalised visa and residency rules, helped to increase the population."
MOTHER%20OF%20STRANGERS
On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
Champions parade (UAE timings)
7pm Gates open
8pm Deansgate stage showing starts
9pm Parade starts at Manchester Cathedral
9.45pm Parade ends at Peter Street
10pm City players on stage
11pm event ends
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
While you're here
Johann Chacko: Why Maldives has become a theatre for US-China rivalry
C Uday Bhaskar: What is India's Indo-Pacific strategy?
C Uday Bhaskar: The 'Asian Century' depends on China and India working together
While you're here
Chitrabhanu Kadalayil: Singapore election is more than just a family feud over LKY's legacy
Sholto Byrnes: Robert Mugabe and Lee Kuan Yew: two leaders with very different legacies
Dr Vivian Balakrishnan: UAE and Singapore can be partners for a world in transition
Nick March: Singapore and UAE are on the move – in airport development
3%20Body%20Problem
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
You might also like
More from Firas Maksad
Voy!%20Voy!%20Voy!
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
While you're here
Thomas Harding: Johnson and Biden on collision course over Northern Ireland
Thomas Harding: Biden victory will rejuvenate America's relations with Europe
Gavin Esler: Can the world continue to trust Britain after move to break law?
Ads on social media can 'normalise' drugs
A UK report on youth social media habits commissioned by advocacy group Volteface found a quarter of young people were exposed to illegal drug dealers on social media.
The poll of 2,006 people aged 16-24 assessed their exposure to drug dealers online in a nationally representative survey.
Of those admitting to seeing drugs for sale online, 56 per cent saw them advertised on Snapchat, 55 per cent on Instagram and 47 per cent on Facebook.
Cannabis was the drug most pushed by online dealers, with 63 per cent of survey respondents claiming to have seen adverts on social media for the drug, followed by cocaine (26 per cent) and MDMA/ecstasy, with 24 per cent of people.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
TECH%20SPECS%3A%20APPLE%20IPHONE%2014%20PLUS
Profile of VoucherSkout
Date of launch: November 2016
Founder: David Tobias
Based: Jumeirah Lake Towers
Sector: Technology
Size: 18 employees
Stage: Embarking on a Series A round to raise $5 million in the first quarter of 2019 with a 20 per cent stake
Investors: Seed round was self-funded with “millions of dollars”
While you're here
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
While you're here
Gavin Esler: Coronavirus offers stinging rebuke to protectionists
Kareem Shaheen: Pandemics can save us from waging wars
Sholto Byrnes: Why the climate change clash will get nastier
The specs: 2017 Ford F-150 Raptor
Price, base / as tested Dh220,000 / Dh320,000
Engine 3.5L V6
Transmission 10-speed automatic
Power 421hp @ 6,000rpm
Torque 678Nm @ 3,750rpm
Fuel economy, combined 14.1L / 100km
The biog
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
Results
2.30pm: Expo 2020 Dubai – Conditions (PA) Dh80,000 (Dirt) 1,600m; Winner: Barakka, Ray Dawson (jockey), Ahmad bin Harmash (trainer)
3.05pm: Now Or Never – Maiden (TB) Dh82,500 (Turf) 1,600m; Winner: One Idea, Andrea Atzeni, Doug Watson
3.40pm: This Is Our Time – Handicap (TB) Dh82,500 (D) 1,600m; Winner: Perfect Balance, Tadhg O’Shea, Bhupat Seemar
4.15pm: Visit Expo 2020 – Handicap (TB) Dh87,500 (T) 1,600m; Winner: Kaheall, Richard Mullen, Salem bin Ghadayer
4.50pm: The World In One Place – Handicap (TB) Dh95,000 (T) 1.900m; Winner: Castlebar, Adrie de Vries, Helal Al Alawi
5.25pm: Vision – Handicap (TB) Dh95,000 (D) 1,200m; Winner: Shanty Star, Richard Mullen, Rashed Bouresly
6pm: Al Wasl Plaza – Handicap (TB) Dh95,000 (T) 1,200m; Winner: Jadwal, Dane O’Neill, Doug Watson
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
COMPANY%20PROFILE
Zayed Sustainability Prize
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
ASSASSIN'S%20CREED%20MIRAGE
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Dengue%20fever%20symptoms
Napoleon
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
THE SPECS
Engine: 6.0-litre, twin-turbocharged W12
Transmission: eight-speed automatic
Power: 626bhp
Torque: 900Nm
Price: Dh1,050,000
On sale: now
Company%20profile
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Getting%20there%20and%20where%20to%20stay
How to help or find other cats to adopt
There are many that often look for volunteers or other types of assistance. They include:
Rescue Animals in Need United Arab Emirates
Getting%20there%20and%20where%20to%20stay
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
'Fantastic Beasts: The Secrets of Dumbledore'
Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law

























