During the first half of the year 2024, the performance of Dubai’s residential rental market witnessed variation, particularly in the residential apartments and villas price index, compared to the same period in 2023.

According to a report issued by Bayut, the residential apartment rental market in Dubai witnessed a variation in the price curve, ranging from a decline of 5.9%, specifically in the Downtown Dubai area for two-room units and a living room, to a noticeable increase of 31% for studio units in the Al Nahda area as reported by the Emirati newspaper Al-Khaleej.

Regarding residential villas available for rent, the price curve fluctuated during the first half of this year as the Al Barsha area had the lowest decline at a rate of 15.2% for four-room units, while the 3-room villas in Dubai Land recorded general stability. In contrast, Damac Hills’ six-bedroom villas recorded the highest increase at 26.9%.

Apartments in Dubai have performed the strongest in terms of demand with apartments in the Deira area witnessed an increase and stability in their average rents. The average rent for a studio remained at 30,000 dirhams and the average rent for one-bedroom apartments increased by 9.2% to reach 51,000 dirhams, while the average rent for two-bedroom apartments increased by 9.2% to reach 79, 000 dirhams.