Dubizzle’s analysis of Dubai’s real estate rental market trends during Q3 2024 revealed an increase in demand in most areas. Dubizzle data showed that apartment rental prices (luxury and average price) moved upwards between 4% at the low end and 7% at the high end. Villas (luxury and average price) moved upwards by rates ranging between 0.3% and 13%.
Business Bay, Dubai Marina, and Downtown Dubai emerged as the most in-demand areas for those looking for luxury apartments for rent in the emirate. The average annual rent for luxury apartments in Business Bay was AED 117,000. The cost of renting apartments in Dubai Marina witnessed a slight decrease of 4.03%, with the average annual rent there reaching AED 143,000. While Downtown Dubai recorded a significant increase of 6.54% in rental costs, with the average rent reaching AED 228,000 in Q3 2024.
With an average rent of AED 167,000 in Dubai Creek Harbour and AED 224,000 in Palm Jumeirah, both areas maintained their position as favourites for those looking to rent apartments in Dubai.
When it comes to mid-priced apartments, Jumeirah Village Circle, International City and Deira topped the list of most sought-after areas. Jumeirah Village Circle ranked first with an average annual rent of AED 78,000. The average annual rent in International City witnessed a significant increase of 6.98%, reaching AED 46,000 in Q3 2024.
Tenants looking for luxury villas headed towards Al Barsha, Jumeirah and Dubai Hills Estate, as these areas maintained their lead in terms of luxury villas for rent. The average rent for luxury villas in Al Barsha was AED 428,000. The average rent for luxury villas in Jumeirah was AED 427,000. The average annual rent for villas in Dubai Hills Estate recorded a significant increase of 15.65%, reaching AED 436,000.
In Damac Hills, the average annual rent reached AED 324,000, after a slight decrease of 0.31%, in Q3 2024. After a 4.59% increase, the average annual rent in Umm Suqeim reached AED 387,000.
Damac Hills 2 (Aquaya by Damac), Mirdif, and Dubailand also emerged as the top choices for tenants looking for mid-priced villas in Dubai. The average annual rent for villas in Damac Hills 2 (Aquaya by Damac) recorded a 3.54% increase, reaching AED 117,000. The average annual rent for medium-priced villas in Mirdif reached AED 156,000, after a significant increase of 8.33%. As for the annual rent for villas in Dubai Land, it reached AED 196,000 after an increase of 3.16%.