DUBAI PROPERTY RENTS SET TO RISE 20% IN 2024
DUBAI PROPERTY RENTS SET TO RISE 20% IN 2024, ATTRACTING INVESTOR INTEREST
In 2024, Dubai’s prime residential areas are expected to see rental increases up to 20%, following a significant upswing of 23-30% in the previous year. This continued growth is driven by factors such as heightened investor interest, an influx of professionals, population growth, and Dubai’s appeal to affluent residents. Despite a 23% rise in rental prices in early 2023 and a year-end projection of around 30%, experts forecast a 20% increase in short-term rentals and 15% for long-term leases. Key influences on 2024’s rent trajectory include a shift towards buying over renting and the attractiveness of real estate investment.
Dubai’s vibrant real estate market is further evidenced by a 42% rise in rents since January 2020, with villa rents averaging $88,400 annually. The market’s dynamism is mirrored in the rising property values and high-rise developments. Colife reports a 21.2% increase in monthly income for owners of one-bedroom units in Dubai Marina, predicting even higher returns in 2024. Despite a slight moderation in the growth rate, as indicated by Asteco’s analysis, the high demand for one-bedroom apartments and furnished homes persists, reflecting sustained interest in Dubai’s rental market.
Dubai’s vibrant real estate market is further evidenced by a 42% rise in rents since January 2020, with villa rents averaging $88,400 annually. The market’s dynamism is mirrored in the rising property values and high-rise developments. Colife reports a 21.2% increase in monthly income for owners of one-bedroom units in Dubai Marina, predicting even higher returns in 2024. Despite a slight moderation in the growth rate, as indicated by Asteco’s analysis, the high demand for one-bedroom apartments and furnished homes persists, reflecting sustained interest in Dubai’s rental market.
