The British were the nationalities of buyers and investors in the Dubai real estate market during the first quarter of this year, according to the ESPASE REAL ESTATE report on the performance of the real estate sector in Dubai during the first quarter.
The list of the first 10 nationalities included Indian nationality in second place, then Lebanon, the Netherlands, Canada, then France, and Italy. It is followed by Pakistan, then Türkiye, and Egypt. The report said that regular rents continue to rise in Dubai in all residential complexes, as high rental prices, an easy real estate financing market, facilitating visa regulations, and continued population growth are an impetus for the ownership trend in Dubai, as many tenants choose to move to owning real estate instead of continuing in rent.
The Palm Jumeirah and Bluewaters areas in Dubai recorded the highest increase in the “average rental price” for villas/townhouses and apartments during the first quarter of this year, as the average villa rent in Palm Jumeirah increased by 63% on an annual basis, while the average rent for apartments increased. In Blue Waters, 64% compared to the first quarter of 2023.
The Palm Jumeirah area recorded the highest increase in average rents for villas and townhouses during the first quarter of this year, at a rate of 63% compared to the same period in 2023, as the average villa rent increased from 656 Thousand Dirhams in 2023 to 1.06 Million in 2024.
According to the report, the Dubai Hills area came second, which witnessed an increase of 36% on an annual basis, as the average villa rent rose from 238 Thousand Dirhams to 325 Thousand Dirhams in 2024, and the Meadows area came third, which witnessed an increase of 35%, as the average rent increased. Rent from 252 Thousand Dirhams to 341 Thousand Dirhams in 2024.
As for apartments, Bluewaters Island came in the lead in terms of an increase in the average rental price at 64% during the first quarter of this year compared to the same period last year, as the average apartment rent rose from 244 Thousand Dirhams to 400 Thousand Dirhams in 2024. The second is the Palm Jumeirah area, which witnessed an increase of 21%, as the average apartment rent rose from 169 Thousand Dirhams to 205 Thousand Dirhams in 2024, and the Downtown Dubai area, which witnessed an increase at the same rate of 21%, as it witnessed an increase from 127 Thousand Dirhams in The average will reach 154 Thousand Dirhams in 2024.