Dubai’s Popular Neighborhoods Witness Soaring Rents, Up to 46% Increase

Dubai's Popular Neighborhoods Witness Soaring Rents, Up to 46% Increase

In the third quarter of the year, Dubai’s highly coveted residential neighborhoods have seen an astonishing surge in rents, driven by persistently high demand. According to data released by Chestertons MENA on Thursday, villa tenants have witnessed the most substantial spikes in annual housing costs. Notable increases include three-bedroom apartments in Dubai Hills, experiencing a remarkable 46% year-over-year surge, and four-bedroom properties in MBR City with an impressive rise of up to 42%.

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Two-bedroom apartments have seen the most substantial increase, surging as much as 29% in MBR City. Comparable units in other sought-after neighborhoods, including Dubai Marina and Dubai Hills, have also witnessed substantial growth, increasing by up to 28% and 21%, respectively.

The cost of renting commercial space in certain business zones has risen by more than a third, accompanied by notable increases in sales prices, which have climbed by up to 28%. “Dubai’s real estate sector continues to flourish, with both residential and commercial properties in high demand,” noted Nicky Witty, CEO of Chestertons MENA.

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The Dubai Land Department (DLD) reported a 22% increase in the volume of sales transactions and a 40% increase in their value, underlining the robust demand from purchasers. “Dubai’s appeal in the real estate sector remains unwavering, and the third-quarter performance solidifies its position as a beacon for investment,” added Adham Younis, Group CEO of D&B Properties.

Chestertons’ research covered lease and sales costs for residential and commercial properties in several of Dubai’s most sought-after neighborhoods, including Jumeirah Lakes Towers, Business Bay, Barsha Heights, Dubai Investments Park, Palm Jumeirah, Downtown Dubai, Dubai Hills, Mohammed Bin Rashid City, and Dubai Marina.

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In terms of sales prices, villa seekers in Dubai Hills saw year-over-year increases of up to 34%, while those searching for apartments in MBR City and Dubai Hills experienced gains of up to 25%. Jumeirah Lakes Towers led the way with the most substantial increase in commercial real estate sales prices at 29%, followed by Business Bay at 14%.

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