Dubai: the rental market has grown this year by 27.3%

The Dubai rental market has seen significant double-digit growth this year in line with the real estate sector, which continued its golden growth throughout the year thanks to strong demand from investors and end users following radical visa and business reforms.

The latest data published by CBRE showed that the average requested rent increased by 27.3% in the year to November 2022, while the average rent for apartments increased by 27.6%, and the average rent for villas increased by 25.4%, respectively.

Taimur Khan, head of Mena Research at CBRE in Dubai, noted that the level of activity in the Dubai residential real estate market reached a record high from the beginning of the year to November 2022, and the total volume of transactions reached 81,919, exceeding the record highs for the whole of 2009, when the number of transactions was 81,182.

«This high level of activity continues to support the growth of average prices, which for apartments and villas increased by nine percent and 12.7% in the 12 months to November 2022, respectively. However, we are seeing a slowdown in the growth rate of average prices, especially in the villa market, and we expect the apartment market to follow suit in the short term», Khan said in a statement to the Khaleej Times on Tuesday, December 13, 2022.