Rental Market In Dubai Thrives
The recent rental market insights reveal almost 30% growth of the rental property market in Dubai throughout 2022, suggesting significant demand for new rental homes in the state.
Dubai's rental market saw substantial growth in 2022, with an average asking rent increase of 27.3%, according to the latest data from CBRE. The average rent for apartments and villas also saw increases of 27.6% and 25.4%, respectively.
This growth is driven by significant demand from investors and end users following recent visa and business reforms in the area.
General Housing Market Trends In Dubai
Upward rental trends in Dubai go along with the overall superb market performance.
On Monday, the Dubai Land Department (DLD) reported that there were 476 real estate purchase and sale transactions totalling AED1.17bn, 92 mortgage transactions equating to AED182mand 20 gift transactions amounting to AED35m.
Experts Say
According to CBRE, activity in the Dubai residential real estate market reached an all-time high in the first 11 months of 2022, with a total volume of transactions hitting 81,919 and surpassing previous records set in 2009.
This high level of activity has resulted in average price growth for apartments and villas of 9% and 12.7%, respectively, over the past 12 months. However, there is a slowdown in the growth rate of average prices, particularly in the villa market, with the apartment market possibly seeing a similar trend soon.
