Dubai: Rental market records 27.3% increase this year

Dubai: Rental market records 27.3% increase this year

Average apartment rents increasing by 27.6 per cent and average villa rents surging by 25.4 per cent in the year to November 2022, according to CBRE

Palm Jumeirah registered the highest average annual apartment and villa rents, where asking rents reached an average of Dh243,219 and Dh982,047, respectively.

Published: Tue 13 Dec 2022, 3:22 PM Last updated: Tue 13 Dec 2022, 3:23 PM

The Dubai rental market sustained strong double-digit growth this year in line with the real estate sector that continued its golden run throughout the year due to high demand from the investors and end users following drastic visa and business reforms.

Latest data released by CBRE indicated that average asking rents rose by 27.3 per cent in the year to November 2022, with average apartment rents increasing by 27.6 per cent and average villa rents surging by 25.4 per cent, respectively.

“As of November 2022, the average annual apartment and villa rents stood at Dh93,359 and Dh278,546, respectively. Palm Jumeirah registered the highest average annual apartment and villa rents, where asking rents reached an average of Dh243,219 and Dh982,047, respectively,” according to CBRE’s Dubai Residential Market Snapshot – December 2022.

Record activity in 2022

Taimur Khan, head of research for Mena at CBRE in