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Dubai apartment prices soar, spooking expats

The cost of the average apartment in Dubai rose 20% in one year through August.
Francois Nel/Getty Images

DUBAI — The cost for the average apartment in Dubai has risen 20% in the past 12 months through August 2023, the largest hike in nearly a decade, according to the American commercial real estate services and investment firm CBRE Group.

Dubai apartment sales are seeing their highest growth since November 2014, according to CBRE’s Dubai Residential Market Snapshot report released Monday.

There were a total of 11,328 transactions in Dubai’s residential market in August 2023, the second highest monthly figure ever registered. Off-plan sales, sales of undeveloped properties bought directly from the developer, led this growth with a 58.7% increase compared to sales of existing properties, which fell 10.2%.

The year to date has seen the most transactions ever for this period, with a total of 79,605 units bought and sold.

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