Dubai rents witness a 27% jump in 2022

Dubai rents witness a 27% jump in 2022

Palm Jumeirah continues to be the most in-demand area for rental properties in Dubai

Published: Tue 29 Nov 2022, 2:48 PM Last updated: Tue 29 Nov 2022, 2:49 PM

The Dubai rental market continues its boost as the average rent witnesses a jump of 27 per cent this year, with the demand also getting a major boost in line with strong economic activity in the emirate, according to the Zoom Property Insights.

The average apartment rental prices have reached Dh91,795, while the rent of villas has jumped to Dh274,740. This shows an increase of 27.5 per cent and 25.7 per cent in both the respective sectors, according to the survey.

However, due to the rising prices, renters are reluctant to move to a new home. This is why there’s a decline in the number of new contracts, and hence, renewals are higher.

Ata Shobeiry, CEO of Zoom Property, is of the view that the rental property market will conclude the year on a strong note.

He said, “the Dubai rental market is cruising, and the latest data reveal exactly that. The prime areas, such as Palm Jumeirah, Downtown Dubai, Dubai Marina, and JBR, are performing exceptionally well, which is a great sign for the market. I