Dubai rents see record high and are rising faster than ever

Dubai rents see record high and are rising faster than ever

17 October 2022 – ARABIAN BUSINESS –

Dubai rents rising faster than ever

t’s not just Dubai’s luxury home sales that are soaring, rental prices are too.

The average annual rent for a villa, or family home, in the emirate reached 268,758 dirhams ($73,171) last month after prices jumped 26% in the year through September, according to real estate adviser CBRE Group Inc.

Average apartment rents, meanwhile, soared 27% to 89,986 dirhams.

‘Expat increase raising Dubai rents’

The surge in rental prices is being driven by a growing number of expatriate workers moving to the city, according to CBRE’s head of research Taimur Khan.

It also mirrors soaring luxury real-estate prices, which jumped 89% over the past year, property consultant Knight Frank said earlier this week.

It is not just Dubai rents that are increasing, the average sale price for villas rose 14%, while apartment prices rose 9% through September, according to CBRE.

Across the city Dubai rents were increasing.

According to the CBRE Deira is the most affordable place to rent a villa, with an average rent of AED112,737, although this still represented a 3.5% increase. Upmarket Jumeirah, meanwhile, saw a climb of 4.8% (to AED500,635).

But CBRE warned that such rapid growth may impact Dubai’s attractiveness.



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