Dubai's rental market has experienced a significant resurgence, marking the end of a prolonged period of negative growth that lasted from mid-2015 to late 2021. Average apartment rents have reached their highest levels since February 2017, while villa rents have hit record highs. Rents continue to rise, with a 22% increase observed in the year leading to July 2023, though this growth rate has moderated.
Data from the Dubai Land Department reveals a notable 43.5% increase in tenancy contracts registered year-to-date to July 2023 compared to the same period in 2019. However, there's a divergence in rental rates between new and renewed contracts, with many tenants opting for renewals due to the protection offered by RERA regulations.
In the long term, as new rental rates stabilize, experts expect the premium for new contracts to decrease.
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Dubai's real estate sector witnessed a significant sales increase during the summer season, with AED 102 billion ($27.8 billion) in sales, according to data from W Capital. The summer sales figure represents a 50% increase compared to the same period...
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