- Significant increases seen in popular areas such as Downtown Dubai, Dubai Marina, and Palm Jumeirah.
Record-breaking rental growth in Dubai’s real estate market
An analysis by Provident Property Management
Press Release
Dubai – The Dubai real estate market continues to thrive, demonstrating substantial growth in rental activity. Provident Property Management, under the leadership of Youssef Rabah, has been at the forefront of this dynamic sector. Here are the key insights and trends observed so far in 2024.
Apartments
The apartment rental market in Dubai has seen impressive figures in 2024. Nearly 173,000 units have been rented, generating a total of AED 11.3 billion in rent. The average rent per square foot stands at AED 73. Notably, new contracts alone accounted for almost 66,000 units rented, contributing AED 5 billion in rent with an average rent of AED 86 per square foot.
In comparison, by the end of May 2023, approximately 188,000 units had been rented, totaling AED 10.7 billion in rent, with an average rent of AED 62 per square foot. New contracts during this period comprised 76,000 units rented, amassing AED 4.6 billion in rent, averaging AED 69 per square foot.
For the entirety of 2023, a remarkable 456,000 units were rented, bringing in AED 27 billion in total rent, with an average rent of AED 65 per square foot. New contracts for the year included 186,000 units, totaling AED 12 billion in rent, with an average rent of AED 74 per square foot.
Villas and Townhouses
The rental market for villas and townhouses has also shown significant activity in 2024. So far, almost 20,000 units have been rented, generating AED 3.6 billion in rent, with an average rent of AED 66 per square foot. New contracts alone account for nearly 9,000 units rented, totaling AED 1.8 billion in rent, with an average rent of AED 76 per square foot.
By the end of May 2023, the market had seen 20,000 units rented, bringing in AED 3.3 billion in total rent, and an average rent of AED 54 per square foot. New contracts during this period included 8,000 units rented, totaling AED 1.5 billion in rent, with an average rent of AED 62 per square foot.
For the whole of 2023, the rental market for villas and townhouses saw 54,600 units rented, generating AED 9.4 billion in rent, with an average rent of AED 58 per square foot. New contracts comprised 23,000 units, contributing AED 5 billion in rent, with an average rent of AED 67 per square foot.
Youssef Rabah, Director of Provident Property Management, commented on these impressive statistics, stating, “The data reflects a vibrant and dynamic rental market in Dubai. We are witnessing increased demand across both apartments and villas/townhouses, indicating strong investor confidence and a healthy rental ecosystem.”
For all your real estate needs in Dubai, Provident Real Estate is your trusted partner. With a deep understanding of the market and a commitment to excellence, Provident Real Estate is poised to guide you through the evolving landscape of sustainable real estate investments.
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About Provident Estate:
Pursuing excellence since 2008. Provident Estate is a one-stop shop for all things real estate. With a resolution to always offer 5-star service to their clients, Provident Estate are here for property requirements and queries. At the crux of the business, Provident Estate work relentlessly to provide hassle-free tailored real estate advice and consultancy for investors and families alike who are looking to find the perfect home. Provident Estate takes pride in the diverse portfolio of not just services but also the team members behind the company. With over 22 different nationalities speaking 25+ different languages, all are ready to answer property-related questions.
Provident are available to help with buying and leasing as well as property management all the way through to looking for the correct financing options or even finding a perfect holiday home. The company pride themselves in being transparent, honest and professional to deliver the best results to clients.
Website: www.providentestate.com
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For PR inquiries, contact Charline Abi Rached, Head of Social and PR
Email: charline@providentestate.com
