Dubai’s real estate market is experiencing highs in transactions and rents, according to a new report.
There were 30,903 residential real estate transactions from January through May in the United Arab Emirates’ largest city. This was the highest figure since 2009 over the same period. In May alone, there were 5,542 residential real estate transactions, an increase of 33% on the year, the American commercial real estate investment company CBRE said in a report yesterday.
Rents are also increasing dramatically in Dubai. In May, apartment rents went up 18.3% on the year. The average monthly apartment rent in Dubai in May was more than $7,500, according to CBRE.
Real estate agents in Dubai can make up to $200,000 in monthly commissions, according to Abu Dhabi-based news outlet The National.
Real estate is an important part of the UAE’s economy, responsible for around 5% of the gross domestic product, according to Statista.