The average cost to rent an apartment in Business Bay and Downtown Dubai underwent price hikes of nearly 68% during Q1 2023, Invest-Gate reports.
The Dubai Property Market Report for Q1 2023 reveals the most searched areas in the emirate’s real estate sector, indicating that prices in the industry have increased across popular neighbourhoods, favouring sellers and landlords.
Further down Sheikh Zayed Road, Dubai Marina witnesses an appreciation in rental costs by nearly 39%. In Q1 2023, the demanded rent for apartments in Dubai Marina averaged AED91,000 for a one-bedroom unit, AED139,000 for a two-bedroom and AED207,000 for three-bedroom units.
Umm Suqeim emerges as the top choice for luxury villa rentals in the emirate, with properties experiencing upticks of 25% to 50% across all bed types. In Q1 2023, the average rent stood at AED 271,000 for a four-bedroom, AED 315,000 for a five-bedroom and AED 474,000 for six-bedroom units.
Neighbouring Jumeirah remains a favoured option for high-income tenants—the demanded rents for villas appreciated up to 54%. During Q1 2023, the rental costs for four-bedroom houses in Jumeirah averaged AED 273,000.
The report didn’t spell all doom and gloom for renters on a budget. The findings also identify neighbourhoods across Dubai still offering affordable housing, with Jumeirah Village Circle emerging as a hot favourite in Q1 2023.
While the demand for villa rents in Mirdif increased up to 15%, averaging AED 98,000 for three-bed, AED 118,000 for four-bed and AED 134,000 for five-bed houses over the survey period.
DAMAC Hills 2 is a popular option for tenants searching for reasonably-priced houses. During Q1 2023, the district recorded price hikes of up to 9% for three-bedroom and five-bedroom villas, averaging AED 63,000 and AED 73,000.
