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


Sarmad Khan
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Transactions involving off-plan and secondary residential properties in Dubai climbed in volume and value in September as the emirate’s real estate market continued to recover strongly.

The total number of property deals last month jumped to 7,273, a 33.4 per cent year-on-year increase in volume, according to the latest report by consultancy CBRE.

Off-plan market sales increased by 51.4 per cent while the secondary property market transactions rose by 17.3 per cent over the same period.

In the 12 months to the end of September, the total volume of transactions reached 62,396, the highest level recorded since 2009, over the same period, CBRE said in its Dubai Residential Snapshot report.

Average prices for residential properties rose by 8.9 per cent in 12 months to the end of September, with average apartment prices rising by 8 per cent and villas recording a more than 14 per cent jump.

The average apartment price in Dubai at the end of September reached Dh1,133 ($308) per square foot, while for villas, it climbed to Dh1,350 per square foot.

However, despite the sharp increase, these average rates are “still below the highs witnessed in late 2014”, with apartments remaining 23.8 per cent and villas staying 21.6 per cent below that peak, according to the CBRE report.

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Dubai apartment prices — September 2022

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Dubai's property market rebound has picked up pace this year as the emirate's economy continues to make a strong recovery from coronavirus pandemic-driven headwinds.

The emirate's economy grew by 6.2 per cent in 2021, according to preliminary data from the Dubai Statistics Centre. In the first three months of this year, Dubai's gross domestic product expanded 5.9 per cent, according to government data.

The strong sales performance in September also encapsulates the sharp rise in Dubai’s off-plan and secondary property sales in the third quarter of this year.

Transactions in the July-September period, both in terms of volume and value, climbed to a 12-year high, Property Finder said in a report earlier this month.

The market boom is expected to continue through to the end of the year, with a further boost set to come from the hosting of the football World Cup in Qatar next month.

Average rental rates in the year to September also increased by 26.6 per cent, with average apartment rents rising by 26.7 per cent and average villa rents by 25.5 per cent.

The highest average yearly apartment and villa rental rates were respectively recorded in The Palm Jumeirah and Al Barari, CBRE said.

“In the apartment and villa communities that we track, rents in 6.5 per cent and 28 of these respective communities now sit above their last peak,” said Taimur Khan, head of research for the Mena region at CBRE in Dubai.

“Rents in 22.6 per cent of apartment communities and 96 per cent of villa communities, in September 2022, are higher than the same period five years earlier.”

— This article was first published on October 13, 2022

Expert input

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Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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Stormy seas

Weather warnings show that Storm Eunice is soon to make landfall. The videographer and I are scrambling to return to the other side of the Channel before it does. As we race to the port of Calais, I see miles of wire fencing topped with barbed wire all around it, a silent ‘Keep Out’ sign for those who, unlike us, aren’t lucky enough to have the right to move freely and safely across borders.

We set sail on a giant ferry whose length dwarfs the dinghies migrants use by nearly a 100 times. Despite the windy rain lashing at the portholes, we arrive safely in Dover; grateful but acutely aware of the miserable conditions the people we’ve left behind are in and of the privilege of choice. 

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Global state-owned investor ranking by size

1.

United States

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China

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UAE

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Japan

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Norway

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Canada

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Singapore

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Australia

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Saudi Arabia

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South Korea

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UAE tour of the Netherlands

UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed

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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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How to wear a kandura

Dos

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  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
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The BIO:

He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal

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By 2015, he had completed the Explorers Grand Slam

Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Name: Dr Hassan Mohsen Elhais

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Updated: October 20, 2022, 9:20 AM