Dubai rents witness a 27% jump in 2022

Dubai rents witness a 27% jump in 2022

- Tenants are reluctant to move to a new home due to rising rents

- The average villa rent has increased by 25.7 per cent, while the rent for apartments has risen by 27.5 per cent

- A decline in the number of new contracts recorded due to increase in rents

- Palm Jumeirah, Downtown Dubai, Dubai Marina, Al Barari, JBR, Dubai Hills Estate, Jumeirah Bay, and Emirate Hills among the top areas with the highest demand for rental properties in Dubai

- 2023 is expected to continue the upward trend

Dubai: 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 AED 91,795 AED, while the rent of villas has jumped to AED 274,740. 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