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Dubai Real Estate Rents Market: June 2024 trends

Writer's picture: Narcis MarianNarcis Marian

Dubai's real estate market has always been dynamic, reflecting the city's economic landscape and its appeal as a global hub. This post will provide an in-depth analysis of the rents market trends for June 2024.


Driven by an influx of expats and investors attracted to the emirate lifestyle, Dubai’s population continued to increase in the first quarter of 2024. The Dubai Statistics Centre’s data showed the population of Dubai is now 3,680,785 people.


Market Performance


In the first six months of 2024, the rental property marketplace showed steady growth. Despite this rise, Dubai continues to be a favorite among tenants.

graph of rent values Jan-June 2024 in Dubai

The average annual rent on new contracts for apartments in the city, in the YTD till June, climbed to 65,000 AED, a 2% average increase from the beginning of the year.


Breakdown by area for overall rental prices change on apartments, in June:


  • Dubai Marina - 15% increase compared to same month LY

  • Downtown Dubai - 17% increase compared to same month LY

  • Business Bay - 16% increase compared to same month LY

  • Palm Jumeirah - 17% increase compared to same month LY

The above areas along with Jumeirah Bay Island or Blue Waters Island are the most commonly preferred areas for luxury apartments.

Deira, Bur Dubai, Al Qusais followed by International City, remained a preferred choice among tenants looking for affordable apartments.


These trends provide a comprehensive view of the real estate rents market in Dubai’s various neighborhoods. It’s important to note that these trends can change over time due to various factors such as economic conditions, supply and demand, and government regulations.


Breakdown by property type of rental prices change, as compared to same month last year:

apartment buildings

Apartments 21.5% increase vs June 2023



villas and townhouses

Villas and Townhouses 3.1% increase vs June 2023



commercial properties buildings

Commercial properties -36.3% decrease vs June 2023


The hike in average asking rent of apartments and villas reflects the robust demand and significance of the recent RERA rent calculator adjustments. Landlords can now request re-evaluation of the rent increases on contract renewal, through a legal order.


The residential market has sustained an upward trajectory, marked by unprecedented transaction levels in 2023...This trend is expected to continue during 2024, albeit the pace of growth may stabilize further as new supply is launched.

Deloitte’s 10th annual Real Estate Predictions report 2024


Conclusion


The rental market in Dubai continues to thrive, backed by the city's dynamic economic landscape and its appeal as a global hub. With a wide range of primary off-plan projects and secondary market ready property options with state-of-the-art amenities, Dubai remains a hotspot for renting properties. As we move forward, it will be interesting to see how these trends evolve and shape the future of the real estate market in Dubai.


Source: DXB Interact

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