Rents in Dubai are expected to rise 20 percent by 2024

Rents in Dubai are expected to rise 20 percent by 2024

Rents in Dubai are expected to rise 20 percent by 2024

Rents in Dubai are expected to rise 20 percent by 2024

  • Punit Rana
  • (0)
  • (1236)
  • January 6, 2024

News, Dubai,dubai real estate,Dubai rent,Real estate,rent property in dubai,Rents in Dubai

Description

Dubai Real Estate Rental Market Overview

After a year of remarkable growth estimated at 23–30 percent, rent properties in Dubai's upscale neighborhoods are expected to rise by up to 20 percent in 2024. Real estate experts expect the upswing to continue for many reasons, including the city’s growing appeal as a haven for the wealthy, increased investor appetite, an influx of skilled workers, and population growth.

Factors Driving Rental Price Trends

They explained that rental prices will continue to rise if net migration to Dubai remains higher than the rate at which new apartments are allocated. Rental price trends in 2024 could be driven by factors such as the increasing number of people opting to buy rather than rent properties in Dubai and the rising demand for real estate as an attractive investment opportunity.

Projections by Real Estate Experts

Ilnara Muzafyarova, head of the real estate management company Colife, says that after a sharp increase in rental prices of 23 percent annually in the first half of 2023 and a year-end forecast of around 30 percent, the upward trend appears strong. Muzafyarova projected that short-term rentals (up to six months) will increase by 20 percent from 2023, while long-term rentals (more than six months) will increase by 15 percent. This is supported by the natural expansion of the market, which also resulted in a 15% increase in apartment prices between mid-2022 and mid-2023.

Market Predictions by S&P and CBRE

S&P predicted in November 2023 that house prices would rise by 5.0% to 7.0% in 2024. According to Tatiana Leskova, Associate Director of Corporate Ratings at S&P, there are no signs that the Dubai real estate property market will weaken this year. According to analysts at real estate consultancy CBRE, rent properties in Dubai rose by around 42% in January 2020, while property prices increased by around 33%. Similar trends can also be seen in villa rents, which now average $88,400 per year, having risen by 19.2% in November alone.

Key Trends in the Dubai Real Estate Market

According to experts, the Dubai real estate market is thriving, as evidenced by the increasing momentum in rents, the rise in property values associated with the construction of new high-rise buildings, and a sharp increase in real estate transactions.

Demand Dynamics and Housing Preferences

According to real estate consultancy Asteco, growth in the rental market in Dubai gradually slowed in the third quarter. With rental increases for apartments, villas, and offices of 3.0 percent, 2.0 percent, and 4.0 percent respectively in the three months, there has been a noticeable slowdown. According to Asteco, the changes were 18%, 19%, and 29% respectively on an annualized basis.

Rent properties in Dubai

Investment Considerations

In conclusion, for individuals considering investing in real estate in Dubai, it is crucial to stay informed, conduct thorough research, and seek guidance from industry experts. While a projected 20% rent increase is a positive sign, it would be wise to consider the long-term sustainability of the market, and potential risks, and align investment strategies with personal financial goals. Dubai’s real estate market offers opportunities, but informed decisions remain crucial for investors seeking success in this dynamic and booming industry.

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