In Dubai, rental prices surged by 10% by the end of November 2023, marking a significant increase in the real estate landscape, Invest-Gate reports.

The residential lease contracts in Dubai reached approximately 62,210, a 2.04% monthly rise compared to 60,963 contracts in October 2023.

There was a substantial 17.18% year-on-year increase in registered residential lease contracts compared to November 2022, totaling 53,086 contracts. The Dubai Land Department reported these figures in collaboration with Property Finder.

November saw 55.33% contract renewals, totaling 34,420, against 44.67% for new leases, accounting for 27,790 contracts.

Residential lease contracts dominated the market share, constituting 65.95% (over 41,027 contracts), while commercial lease contracts stood at 33.27%, totaling 21,183 contracts.

Moreover, the rental index for the emirate reached 1.096 points, marking a 10.04% yearly increase from 0.996 points in November 2022. Monthly data also indicated a 0.64% rise from 1.089 points in October 2023.

The residential apartment index hit 1.107 points, a 10.03% annual increase from 1.006 points in November 2022 and a 1% monthly rise compared to October 2023’s 1.096 points.

Furthermore, villas and townhouses showed an annual index increase of 9.14%, with November 2023 reaching 1.014 points compared to 0.929 points in November 2022. Monthly, there was a 1% increase from October’s 1.004 points.

In property sales, November witnessed 12,224 real estate transactions totaling AED 42.41 bn, predominantly led by residential apartments (81.2%) and townhouses (18.8%), according to data released by Property Finder. The overall sales price index surged 12% annually, reaching 1.554 points from 1.387 in November 2022 and a 0.65% monthly increase from October’s 1.544 points.

Notably, the townhouse and villa sales index rose by 18.54% yearly, climbing to 1.592 points in November 2023 and a 2.12% monthly increase compared to October’s 1.559 points.