Dubai’s rental market has recorded a 10% increase in the first half of 2024 and is projected to continue its upward trend, according to a Khaleej Times report citing industry experts. The rise in rents is attributed to a growing population, the influx of high-net-worth individuals, and expanding job opportunities in the city.
Jacob Bramley, a senior leasing manager at Betterhomes, stated, “With the 10% increase already observed at the beginning of 2024, we expect similar growth for the remainder of the year, especially with more property handovers anticipated in the third and fourth quarters.”
Lewis Allsopp, chairman of Allsopp & Allsopp, highlighted the robust influx of new residents and the expected arrival of over 6,700 millionaires, which are likely to boost the housing demand further. “More than 30,000 new residents have moved to Dubai in just the first five months of 2024,” Allsopp noted. He also mentioned that landlords are increasingly offering flexible payment options to accommodate the rising market.
During the first half of 2024, average rents across Dubai saw an increase of 15.7% compared to the same period in 2023, with significant spikes in areas such as Jumeirah Beach Residence and Dubai South. Luxury communities like Jumeirah Islands and Al Barari have also experienced substantial rent increases.
The consistent rise in rents is supported by a revised Rera Index implemented earlier this year, which adjusted prices of previously undervalued units to better reflect the current market average.
