DUBAI: Despite market volatility, the residential market in Dubai witnessed a record first quarter as the total volume of transactions reached 7,865 in March 2022, up 83.4 percent from a year earlier, according to a CBRE report. Total transaction volumes in the year to date to March 2022 reached 19,009, the highest ever total reported in the first quarter of any year. In the first quarter of 2022, off-plan sales increased by 94.6 percent while secondary market sales were up by 76.1 percent. Average property prices in Dubai increasing The report noted that average prices increased by 11.3 percent in the year to March 2022. Over this period, average apartment prices increased by 10.0 percent, while average villa prices were up by 20.2 percent. At the end of March 2022, average apartment prices in Dubai stood at $30 per square foot and average villa prices stood at $344 per square foot. Compared to the highs witnessed in late 2014, these rates per square foot are 26.2 percent and 12.3 percent below the peak, for apartments and villas respectively. In the apartments segment of the market, Downtown Dubai has recorded the highest average sales rate per square foot at $550. In the villas segment, Palm Jumeirah recorded the highest average sales rate per square foot at $792. Average rents increased Average rents in the 12 months to March 2022 have increased by 13.1 percent, with average apartment and villa rents increasing by 11.7 percent and 22.5 percent respectively. As of March 2022, average apartment and villa rents stood at $21,780 and $64,917 per annum respectively. In the rental market, the highest average annual apartment and villa rents were found in Palm Jumeirah, where asking rents on average were $53,766.