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)
  • (541)
  • January 6, 2024

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

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After a year of remarkable growth estimated at 23–30 percent, rents in Dubai's upscale neighbourhoods 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.

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 property in Dubai and the rising demand for real estate as an attractive investment opportunity.

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.

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 property 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.

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.

Colife, the owner of a one-bedroom apartment in Dubai Marina, saw a significant year-on-year increase in monthly income of 21.2% to $2,970. According to Colife, owners should expect even higher earnings in the region of $3,415 per month in 2024.

Real estate experts predict a steady demand for housing in Dubai due to the city’s growing population and the continued influx of international professionals.

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 annualised basis.

According to Property Finder data for November, demand for one bedroom apartments is the highest. It found that around 36% of respondents were looking for one-bedroom apartments, 30% for two-bedroom apartments and 24% for studio apartments. Three-bedroom villas or townhouses were sought by 42% of buyers, while larger four-bedroom properties were preferred by 35%. Sixty-six percent of renters preferred furnished apartments, while thirty-two percent wanted unfurnished. Of those looking for villas or townhouses, 51% found unfurnished and 48% furnished listings.

The Dubai Statistical Centre estimates that 3,604,030 people will live in Dubai in July 2023, up from 3,515,264 in July 2022. The development master plan for Dubai assumes that 5.8 million people will live in the city in 2040.

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