Dubai property prices surge at the fastest pace since 2014

Dubai, known for its iconic skyscrapers and man-made islands shaped like palms, has emerged as one of the world's fastest-growing cities, boasting a population of 3.6 million, as the emirate's statistic centre reported.

According to a report by consultancy CBRE, residential property prices in Dubai experienced their fastest growth in nearly ten years, surging by 16.9% and the average rents also saw a significant increase, rising by 22.8%.

In June, 9,876 residential units were sold, marking an 18.8% increase compared to the previous year, with off-plan sales witnessing a substantial jump of 44.9%.

The property market in Dubai has flourished due to a rapid post-pandemic economic recovery and relaxed residency regulations.

The average price per square foot for apartments reached 1,294 dirhams ($352.31), while villas averaged 1,525 dirhams per square foot.