Western buyers took the lead in the investment scene in Dubai real estate during the first half of this year.
The share of Western countries was 6 places in the list of 10 nationalities investing in the emirate’s real estate. The report stated that British nationality came in the lead in terms of the nationalities of the first 10 investors in the Dubai real estate market during the first half of this year, followed by Indian nationality, then Canada, the Netherlands, then Lebanon, then France, then Italy, followed by Pakistan, then Turkey, and tenth German nationality.
The two islands of Palm Jumeirah and Bluewaters, in Dubai, where luxury real estate is spread, recorded the highest increase in the “average rental price” in the real estate market in the emirate, during the first half of this year, as the average rent of a villa/townhouse on Palm Jumeirah increased. 93% on an annual basis, while the average rent for apartments in Blue Waters increased by 79% compared to the first half of 2023. The ESPASE REAL ESTATE report on the performance of the real estate sector in Dubai during the first half of this year showed.
The Palm Jumeirah area recorded the highest increase in average rents for villas and townhouses during the first half of this year by 93% compared to the same period in 2023, as the average villa rent increased from 637 thousand dirhams in 2023 to 1.23 million dirhams in 2024.
According to the report, the second Jumeirah Islands area came, which witnessed an increase of 47% on an annual basis, as the average villa rent rose from 348 thousand dirhams to 511.8 thousand dirhams in 2024, and the third came in the Dubai Hills area, which witnessed an increase of 32%, as the average rent increased from 246 thousand dirhams to 325 thousand dirhams in 2024.
As for apartments, Bluewaters Island came in the lead in terms of an increase in the average rental price at 79% during the first half of this year, compared to the same period last year, as the average apartment rent rose from 250 thousand dirhams to 448 thousand dirhams in 2024.
The Palm Jumeirah area came in second place, which witnessed an increase of 24%, as the average apartment rent rose from 180,000 dirhams to 224,000 dirhams in 2024. The GBR area came third, which witnessed an increase of 19%, as it witnessed an increase from 125 thousand dirhams on average to 148 thousand dirhams in 2024.