Rents have increased by 46% in popular areas of Dubai
Rents have increased by 46% in popular areas of Dubai
Due to persistently strong demand, residential rents in popular areas of Dubai increased by more than 40% in the third quarter of the year compared to the previous quarter. According to data released by Chestertons MENA on October 19, villa renters experienced the biggest increase in annual house prices, with three-room apartments in Dubai Hills up 46% year-on-year and four-room apartments in MBR City seeing a surge in prices. up to 42%.
The biggest increase was seen in two-bedroom apartments, up 29% in MBR City, while comparable apartments in other areas, including Dubai Marina and Dubai Hills, saw increases of up to 28% and 21% respectively. In some business zones, the cost of renting commercial space has risen by more than a third, said a real estate consultant, who also noted a significant increase in this cost. Sales prices also increased by 28%.
Dubai's property sector continues to thrive, with residential and commercial properties in high demand, according to Chestertons MENA CEO Nikki Whitty. According to the latest data from the Dubai Land Department (DLD), the volume and value of sales transactions have increased by 22% and 40% respectively, further demonstrating strong demand from buyers.
Chestertons has examined the rental and sale prices of residential and commercial properties in several of Dubai's most sought-after areas. In addition to commercial spaces in Jumeirah Lakes Towers, Business Bay, Barsha Heights and Dubai Investments Park, the study covered manufactured homes in Palm Jumeirah, Downtown Dubai, Dubai Hills, Mohammed Bin Rashid City and Dubai Marina.
In terms of sales prices, individuals seeking villas in Dubai Hills saw an increase of 34% year-on-year, while those seeking apartments in MBR City and Dubai Hills saw increases of up to 25%. The largest increase in commercial property prices was observed in Jumeirah Lakes Towers (29%), followed by Business Bay (14%).
