Housing rents continue to rise in most areas of Dubai, with the largest increases recorded in the areas of Discovery Gardens, Living Legends, Downtown, Jumeirah and Dubai International Financial Centre (DIFC).
Real estate analysts and industry executives say that rents are growing at the fastest pace in the last eight years, mainly due to the increase in population after Expo-2020 and the introduction of new reforms, such as the Golden Visa, which attracted many investors and wealthy people to the Emirates.
Industry insiders also report that foreign investors increasingly prefer Dubai as their main place of residence in the post-pandemic period due to business-friendly policies, new incentives for investors and improved quality of life.
According to the Dubai Statistical Center, the population of Dubai recently exceeded the 3.5 million mark and as of July 18 amounted to 3,517,303 people.
According to the latest data from CBRE consulting company, the average rent for the 12 months to June 2022 increased by 21.7%, while the average rent for apartments and villas increased by 21.2% and 24.7%, respectively. As of June 2022, the average rent for apartments and villas was 85,204 and 255,437 dirhams per year.
The highest average annual rental rates for apartments and villas, respectively, were found in Palm Jumeirah, where the requested rent averaged 218,413 dirhams, and in Al-Barari, where the requested rent averaged 880,225 dirhams per year.The highest average annual rental rates for apartments and villas, respectively, were found in Palm Jumeirah, where the requested rent averaged 218,413 dirhams, and in Al-Barari, where the requested rent averaged 880,225 dirhams per year.
Taimur Khan, head of Mena research at CBRE in Dubai, said that the rate of price growth decreased to 10.1% in the year to June 2022, while the rate of rent growth continues to accelerate, where rents increased by 21.6% over the same period. «Rents, on average, are growing at the fastest pace since mid–2014», Khan said.
