Dubai rents set to climb 20% in 2024

Dubai rents set to climb 20% in 2024

Rents in prime Dubai residential areas are poised to see up to 20 per cent in 2024 after a year of remarkable upswing estimated to be in the range of 23-30 per cent.

Property experts predict the sustained buoyancy for multiple reasons including increased investor appetite, rising influx of professionals, population surge, and the city’s growing appeal as a haven for the wealthy.

They said if net migration to Dubai continues to be higher than the rate that new homes are handed over, it will continue to put upward pressure on rental prices. Factors that could dictate the trajectory of rents in 2024 include more residents opting to buy rather than renting their homes, and the growing appeal of property as an attractive investment opportunity.

After a sharp uptick in rental prices by 23 per cent annually in the first half of 2023, and a year-end projection of around 30 per cent, the upward trend appears strong, according to Ilnara Muzafyarova, head of Colife, a real estate management firm. Muzafyarova predicted a 20 per cent jump in short-term rentals (up to 6ix months) compared to 2023, and a 15 per cent rise for long-term or above six months. This is anchored by the