ABU DHABI: The first quarter of 2023 saw an increase in property sales in the UAE, along with an increase in rental rates.
According to Urdu News, the latest report of the global consultancy firm CBRE stated that the property market of the United Arab Emirates has seen a continuous increase in sales and rental rates in the first quarter of 2023.
Prime office properties in Abu Dhabi and Dubai recorded year-on-year growth of 19.1 percent and 20.2 percent respectively from January to March this year, the report said.
The increase comes on top of a 90 per cent increase in the average rate in the first quarter of the year in both cities from 80 per cent recorded in the same period last year.
The record growth rates resulted in average growth of 20.2%, 13.5%, 18.7% and 28.7% for Dubai’s Grade A, B and C commercial buildings in the first quarter of 2023 respectively.
Dubai recorded 22,802 new lease registrations in the first three months of 2023, up 60.5 percent from last year.
In terms of the residential sector, Dubai has seen a 12.8% increase in average property prices for sale in the first quarter of 2023.
Taimur Khan, head of research for the Middle East and North Africa at the global consultancy firm, said that the UAE’s real estate market has maintained its level of demand during the first quarter of 2023, improving the performance of all sectors. has come
A global firm’s report on the rental sector in the property sector in the emirate revealed that Dubai’s residential properties grew by 26.3 per cent in March 2023, down from 27.7 per cent growth in February.
Key residential areas in Dubai such as Dubai Old Town, Dubai Marina and Palm Jumeirah areas are reducing rental rates.
Abu Dhabi’s residential sector, on the other hand, remained stable, with average apartment rents seeing a modest decline of 0.7 percent in the year to March 2023.