Residential rents rise by 46% in popular areas of Dubai
Residential rents have risen by up to 46% in popular areas across Dubai, driven by high demand from residents for luxury homes in the city, where developers offer ample space and comfort. This rent increase was found to be a 40% increase in the third quarter of this year compared to the same period last year. According to a report shared by Chestertons MENA, housing costs for tenants of three-bedroom villas in Dubai have increased by up to 46% year-on-year, while annual rental rates in MBR cities have increased by 42% for 4-bed apartments.
Two-bedroom apartments saw the largest increase in MBR space at 29%, while Dubai Marina recorded an increase of 21% and Dubai Hills recorded an increase of 28% for comparable residential properties. In the real estate business, rents in commercial hubs have more than tripled. In Dubai, sales prices rose by 28%.
Read More: Top Benefits of Buying Property in Dubai
The Dubai Land Department (DLD) also revealed new data that witnessed buyer commitment. Actual numbers show sales volume transitions surge by 22% and values by 40%, some impressive numbers for the real estate world.
Chesterton conducted research on residential and commercial rental and sales prices in various housing communities in Dubai’s most demaded areas, including:
- Dubai Hills
- Dubai Marina
- Palm Jumeirah
- Downtown Dubai
- Mohammed Bin Rashid City
Commercial properties include:
- Business Bay
- Barsha Heights
- Jumeirah Lakes Towers
- Dubai Investments Park
Villa buyers also surged 34% in Dubai Hills, following a 25% increase in apartment prices in MBR City and Dubai Hills. Additional increases of 29% were also seen in commercial space at Jumeirah Lakes Towers and 14% in Business Bay. Dubai is becoming famous for tourism and real estate due to its world-class housing communities.
Stay connected to Red Marketing & Real Estate for more updates