Rents climb to 27.7% in 2023 as Dubai continues to attract visitors

Rents climb to 27.7% in 2023 as Dubai continues to attract visitors

In first two months of 2023, average apartment and villa rents increased by 27.9 per cent and 26.3 per cent, respectively

The sun sets behind Burj Khalifa and other high rise buildings in Dubai. — AFP

Published: Thu 9 Mar 2023, 12:01 PM

The rental market in Dubai continued its upward trend this year as average rents surged 27.7 per cent during the first two months of 2023, according to latest report.

The CBRE Dubai Residential Market Snapshot noted that average apartment and villa rents increased by 27.9 per cent and 26.3 per cent, respectively.

“The average annual apartment and villa asking rents reached Dh99,737 and Dh295,436, respectively, as of February 2023. The highest rental rates for both apartments and villas have been seen in Palm Jumeirah, with average annual rents reaching Dh260,467 and Dh1,017,614, respectively,” according to the report.

“We have seen that tenants are more likely to renew their existing leases, where based on Ejari figures, the number of new registrations year-on-year in the year to date to February 2023 has decreased by 13 per cent, whilst the number of renewals has grown by 30.7 per cent,” Taimur Khan, head of research for Mena at CBRE in Dubai, said.

Ata Shobeiry, chief executive of Zoom