(MENAFN- Famagusta Gazette) Dubai's average residential property prices in the year through June increased by 16.9 percent, the fastest growth in almost a decade, according to a report issued by property consultancy CBRE on Tuesday.

Apartments and villas in Dubai, the major commercial hub in the United Arab Emirates, averaged 1,294 dirhams (352.3 U.S. dollars) and 1,525 dirhams per square foot, respectively, said the report.

The volume of transactions in the city's residential market amounted to 9,876 in June, up 18.8 percent from the previous year, it added.

The average rent in Dubai went up 22.8 percent in the year to June, declining from the 24.2 percent growth rate recorded in the previous month.

The property market in Dubai, the largest UAE city with a population of 3.6 million, has prospered because of a post-pandemic economic recovery and eased residency regulations.

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