In the first quarter of 2024, Palm Jumeirah villas and townhouses experienced a significant increase in rent prices, according to a recent report. The area saw a 63% jump compared to the same period in 2023, reflecting its lasting appeal and high-end status.

The average rent for villas and townhouses in Palm Jumeirah rose from AED 656,114 in Q1 2023 to approximately AED 1.07 million in Q1 2024, as outlined in the Espace Real Estate Q1 2024 Market Report.

Read this also : My Dubai Rent: Digital Content Creator Enjoys Dynamic Marina Apartment Living

Rent Growth Across Dubai Communities Several residential communities in Dubai saw notable increases in rental prices. Dubai Hills ranked second after Palm Jumeirah with a 36% increase in average rental prices, climbing from AED 238,626 to AED 325,130. Meanwhile, rental rates at The Meadows increased by 35%, going from AED 252,867 to AED 341,524.

Read this also : Dubai Developers Offer Free Repairs for Homes Damaged by Rain

Jumeirah Islands and Green Community both saw a 29% rise in rental prices, with Jumeirah Islands going from AED 309,114 to AED 397,769, and Green Community from AED 199,999 to AED 257,948.

Additional areas such as Damac Hills (21%), Mudon (20%), and Jumeirah Golf Estates (24%) also experienced significant rental price increases. The Springs, Jumeirah Park, Arabian Ranches, and Lakes saw rises ranging from 15% to 19%.

Read this also : Ajman Real Estate Transactions Hit $1.71 Billion in Q1 2024

Some communities experienced more moderate growth, while most witnessed double-digit increases. Victory Heights and Arabian Ranches 3 saw the smallest growth rates at 4% and 5%, respectively, while Emirates Hills, Arabian Ranches 2, Town Square, Al Furjan, and Mira/Reem registered increases between 11% and 12%.

Dubai’s Thriving Rental Market Dubai’s robust rental market showcases the city’s ongoing appeal as a leading global hub for business, travel, and luxury living. Landlords have been able to capitalize on sustained demand for premium residential properties by adjusting rental rates in line with these trends.