Dubai property rent gains see no slowdown in Q1-2023, with sharp hikes at Dubai Marina, JBR

Dubai property rent gains see no slowdown in Q1-2023, with sharp hikes at Dubai Marina, JBR

Dubai: Tenants in Dubai hoping rental gains would slow down during the first quarter of 2023 will be disappointed - rents kept increasing across most popular locations with those at Dubai Marina up 6 per cent JLT residents having to pay 5 per cent or more on their renewals. Many residents had been hoping some slow down would be there in rental increases after the hot streak Dubai’s property market recorded in 2022 and for the most part of the year before that as well. Even affordable locations such as Discovery Gardens, International City too have had landlords asking for more, by 4 per cent on average, according to the latest update from the property firm Asteco. As for Palm Jumeirah, even after all the spikes it had in 2022, the last quarter still had room for a further 8 per cent gain over Q4-22. On a 12-month basis, Palm’s up 32 per cent - the highest across any major location in Dubai. The three tower clusters of JBR, the Downtown and Dubai Marina were close behind at 28, 28 and 27 per cent, respectively. For a tenant in Dubai Marina, a two-bedroom could be anywhere from Dh90,000-Dh185,000 a year,