Dubai is one of the most popular destinations in the world for people looking to rent a property. Whether you’re a businessman looking for a place for a short time stay, or you’re relocating to Dubai and need a home, there are plenty of rental options available. However, over the past few years, the Dubai rental market has changed dramatically. Prices have increased significantly, and it can be difficult to find a good deal on a property. In this blog post, we will take a look at what has changed in the rental market over the past few years.
The Dubai rental market has seen significant changes over the past few years. One of the biggest changes has been the prices of properties. Renting a property in Dubai is now much more expensive than it was just a few years ago. This is due to a number of factors, including an increase in demand from expatriates and an increase in construction costs. Another big change in the rental market has been the availability of properties. It can be difficult to find a good deal on a property, as there are often many people looking to rent at any given time.
Ejari registration hits record heights in August 2022 with over 36,800 free-hold properties contracts marking an increase of 9.7% vs. August 2021. Year to date, the rental registration volume is up by a healthy 21.63% with 310,800 freehold properties leased in the first eight months of 2022. This increase can be attributed to two main factors:
1. Population growth
The current population of Dubai is estimated to be around three million people, with expatriates accounting for approximately 85% of this number. This population growth has led to an increase in demand for rental properties, as more people are looking for places to live.
2. Emirate’s attractive investment opportunities
The other main factor driving the rental market is the attractiveness of Dubai as an investment destination. Due to its tax-free status and strong economy, Dubai is a popular destination for investors from all over the world. This has led to an increase in the number of people buying property in Dubai, which has in turn led to an increase in prices.
- One bedroom at AED 130,000 (13% YoY)
- Two bedrooms at AED 188,000 (11% YoY)
- Three bedrooms at AED 280,000 (12% YoY)
- Studio at AED 61,000 (11% YoY)
- One bedroom at AED 88,000 (12% YoY)
- Two bedrooms at AED133,000 (13% YoY).
Dubai Creek Harbour
- One bedroom at AED 97,000 (16% YoY)
- Two bedrooms at AED 159,000 (18% YoY)
- Three bedrooms at AED 225,000 (20% YoY)
Jumeirah Lakes Towers
Studio at AED 55,000 (14% YoY)
One bedroom at AED 80,000 (15% YoY)
Two bedrooms at AED 125,000 (17% YoY)
- Studio at AED 68,000 (11% YoY)
- One bedroom at AED 95,000 (12% YoY)
- Two bedrooms at AED 145,000 (13% YoY)
Jumeirah Village Circle (JVC)
- Studio at AED 42,000 (15% YoY)
- One bedroom at AED 65,000 (18% YoY)
- Two bedrooms at AED 97,000 (20% YoY)
As you can see, there has been a significant increase in rents across all of Dubai’s major districts. If you’re looking to rent a property in Dubai, you will need to budget for these higher prices. However, there are still some good deals to be found if you know where to look.
If you’re looking for an apartment in Business Bay, Downtown or Jumeirah Lakes Towers, then you may be able to find a good deal. These areas have seen the highest increases in rents, so there are often properties available at lower prices. JVC and Dubai Marina are also popular areas for renters, but prices have increased significantly in these areas as well. You may still be able to find a good deal if you’re willing to search for it.
If you want a way to find a good deal on a rental property then contact AZCO Real Estate today. We can help you find the perfect property for your needs and budget. Call us at +971527672677 or email us at [email protected] with any questions that you may have.
AZCO Real Estate offers a wide range of services including residential, commercial and investment opportunities in the UAE. We are a team of highly experienced and professional real estate agents who are ready to assist you with all your real estate needs. Contact us today to learn more about what we can do for you!