Dubai rents continue to rise as more people flock in search of greener pastures

Dubai rents continue to rise as more people flock in search of greener pastures

Affordable apartment rentals in popular areas increased by up to 11%, while the cost of luxury apartment rentals went upward up to 13%

Affordable apartment rentals in popular areas increased by up to 11 per cent while the cost of luxury apartment rentals went upward up to 13 per cent. — Supplied photo

Published: Mon 30 Oct 2023, 6:00 AM

Rents in both affordable and luxury segments maintained their upward trend in the third quarter of 2023 in Dubai as the population of the emirate continued to increase.

As the overall local economy expands with more foreign businesses flocking in, the number of employees is growing, too, resulting in an increased demand for rental properties.

As of Sunday, Dubai’s population stood at 3,636,610 as compared to 3,550,400 at the end of 2022, an increase of 86,210. In addition, the local job market has also been very active, attracting a lot of new jobseekers to Dubai.

According to property portal Bayut’s third-quarter figures, affordable apartment rentals in popular areas increased by up to 11 per cent while the cost of luxury apartment rentals went upward up to 13 per cent.

“Areas with reasonably-priced villas have experienced price upticks of between 3 and 16 per cent, while luxury villa