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According to CBRE, the average rental price of real estate in Dubai has increased by more than 27% due to a sharp increase in demand for real estate in Dubai. As tenants have become less inclined to move due to rising prices, the number of renewals has increased and the number of new contracts has decreased. CBRE's monthly survey of Dubai's residential real estate market showed that average rents have increased by 27.3% over the past year.
The average cost of renting apartments increased by 27.5%, while villa rentals increased by 25.7%. The average rent for an apartment or villa in the UAE as of October 2022 was 91.795 dirhams UAE per year and 273.740 dirhams UAE per year, respectively.
The highest average annual rent for an apartment or villa was recorded in Palm Jumeirah, where the rent averaged 242,250 dirhams UAE, and Al Barari, where the rent averaged 956,174 dirhams UAE.
However, in the sales market, the average price of a villa increased by 9.2% in the year to October 2022. Villa prices rose slightly better, by an average of 13%, compared to 8.5% for apartments.
The average prices for apartments in Dubai were 1,149 dirhams UAE per square meter, and the average prices for villas – 1,359 dirhams UAE per square meter.
