Average rents in the 12 months to June this year have increased by 21.7 percent in Dubai, as real estate prices see moderate growth in recent months.
According to US-based real estate firm CBRE, average rents for apartments increased by 21.2 percent in the same period, while villa rents grew 24.7 percent on average. Average apartment and villa rents stood at AED85,294 and AED255,437 per annum respectively.
The most expensive apartment rental units were in Palm Jumeirah, were average asking rents were at AED218,413 per year. For villas, Al Barari took first place where asking rents were around AED889,225 in a year.
“While the rate of price growth has tapered to 10.1 percent in the year to June 2022, the rate of rental growth continues to accelerate, where rents increased by 21.6 percent over the same period. Rents, on average, are increasing at the fastest rate since mid-2014,” Taimur Khan, CBRE’s Middle East head of research said.
These figures come as Dubai’s total volume of real estate transactions reach 7,941 in June – up by 33.3 percent from a year earlier. Year-to-date figures hit 38,901 in the same month, recording the highest total since 2009.
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