Dubai apartment rents increase by up to 25% in some areas

Dubai apartment rents increase by up to 25% in some areas

Real estate analysts expect rentals will continue to increase for the remainder of this year, albeit at a slower pace, and reach 2014 level by the end of 2022.

According to a study released by Asteco, Dubai Marina saw 25 per cent increase in rentals in the first quarter as compared to same period last year, followed by Palm Jumeirah, Jumeirah Beach Residence and Jumeirah Lake Towers at 22 per cent and Jumeirah Village Circle and Greens at 21 per cent.

Meanwhile, affordable areas such as Deira, Dubai Sports City and Jumeirah Village recorded 11 per cent, 15 per cent and 21 per cent increase in rentals, respectively. While Discovery Gardens and International City saw two per cent and five per cent increases, respectively.

Most of the demand for the property has been witnessed in the mid-to-high-end segment but unabated demand for rental property is now shifting towards affordable areas as well as continued economic and visa reforms are attracting young professionals and high net worth individuals to the emirate. According to Dubai Statistics Centre’s latest data, Dubai’s population has increased by over 100,000 since 2020, crossing 3.5 million mark in April for the first time.

“Average apartment and villa rental rates continued to