Residential rents in Dubai have climbed by up to 15 percent since the beginning of the year compared to the same period last year, according to a new survey released by real estate consultancy firm Savills.Â
According to the survey, luxury villa rents have jumped by 20 percent to 35 percent, notably for those boasting views of the sea or waterfronts. The increase was driven by high demand, particularly from new European residents.
The study shows that the most prominent residential areas that have registered the highest rates of rent growth so far are mainly Palm Jumeirah, Dubai Marina, and Downtown Dubai, with increases ranging from 10 to 15 percent, while other areas had a 5 percent increase.
Furthermore, the analysis highlights that price and rent increases in villas and townhouses were higher than in apartments, owing to strong demand for more additional and outdoor space, as well as increasing apartment supply.
The rise in rentals in Dubai is mostly due to the city’s growing appeal as a desirable place to live and work, as a result of government measures that have increased opportunities and expedited economic growth, as well as the positive effects of the new Emirates entry visa system.
