June 24, 2024

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Dubai property rent increased by 27%: Most demanding areas

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Dubai property rent increased by 27%: Most demanding areas
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The demand for rentals in Dubai is significantly increasing along with the average rent, which has increased by 27% this year due to the emirate’s robust economic growth. The average cost of renting an apartment has risen to AED 91,795, while the cost of renting a villa has increased to AED 274,740. According to the poll, this demonstrates the growth of 27.5% and 25.7% in related industries.

Renters are hesitant to relocate, nevertheless, due to the growing costs. Because fewer new contracts are being signed, the number of renewals is increasing. The most recent figures show that Dubai’s rental sector is booming. The top regions are doing incredibly well, which is terrific news for the market. These places include Palm Jumeirah, Downtown Dubai, Dubai Marina, and JBR. If you are looking forward to renting a villa or apartment in any of the above-mentioned demand areas then get in touch with professional real estate agents in Dubai.

The Palm Jumeirah neighbourhood in Dubai remains the most sought-after location for rental homes, upholding its reputation. According to statistics from Q3, 2022, Zoom Property Insights, the average rent for properties in Palm Jumeirah increased by 22%. The community’s villa category also experienced an increase of about 32%. Additionally, Downtown Dubai saw a significant spike in average apartment rental costs of 24%. On the other side, Dubai Hills Estate had the most significant increase in rental villa prices, up 33%.

Demand For Popular Areas

Keeping with its reputation, Dubai’s Palm Jumeirah neighbourhood continues to be the most sought-after place to rent a house. Zoom Property Insights data from Q3 2022 shows a 22% rise in the average home rent in Palm Jumeirah. The category of villas in the neighbourhood also saw a rise of roughly 32%. Additionally, the average rent cost increased by 24% in Downtown Dubai. On the other hand, Dubai Hills Estate had the most significant increase in rental villa rates, up 33%. The rents depend on the value of the property so if you want to know if the rent is reliable then go for professional property valuation in Dubai.

Palm Jumeirah

Would you like to reside on an artificial island? Many think of it as the world’s eighth wonder because of its palm tree-like shape. Naturally, the strong demand for real estate in the region impacts pricing. The typical monthly rent for a studio in Palm Jumeirah is AED 68k.

Downtown Dubai

The cost of living in the city centre will be higher in comparison. It is the centre of activity in the emirate, where festivals and events are held all year round. Downtown Dubai is a great place to live if you enjoy being at the centre of everything. In Downtown Dubai, a studio costs, on average, AED 62,000.

Dubai Marina

Do you desire a life of elegance and luxury? Perhaps Dubai Marina is the spot for you. There are several beachfront properties from which to pick. The excellent on-site amenities in the towers are also available to residents. In Dubai Marina, a studio apartment typically costs AED 45k per month to rent.

Dubai Hill Estate

Dubai Hills Estate is a mixed-use development featuring several distinctive neighbourhoods centred on an 18-hole championship golf course. It is a joint venture between Emaar and Meraas Holding.

Al Barari

On Sheikh Mohammad Bin Zayed Road in Nad Al Sheba sits the beautiful, verdant, wealthy gated neighbourhood known as Al Barari. Since the project’s name translates to “the wilderness,” the goal was to reproduce a European garden in the desert.

Emirates Hills

A posh gated neighbourhood with the same name as Beverly Hills, Emirates Hills is located 3 km inland from Dubai Marina and the Palm and between, but at a safe distance from, the two major roads. Therefore, its position is as ideal as it gets.

JBR

Positioned between the sea and Dubai Marina, JBR boasts 35 buildings that can accommodate 15,000 people, making it the largest residential area in the world, according to some. The complex includes four hotels, stores, restaurants, commercial space, and residences.

Jumeirah Bay

Three buildings make up the Jumeirah Bay complex in Dubai, United Arab Emirates Jumeirah Lake Towers. The towers in the enormous Jumeirah Lake Towers project are next to one of the four lakes.

Wrapping Up

The rental market in Dubai has a bright 2023. Zoom Property Insights predicts that Dubai’s rent for condos and single-family homes will stay high. The following year is laying the foundation for 2023, which will be much more fruitful.

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