Existing tenants across Dubai continue to face a significant rise in their annual rents. Last year, Dubai rents increased by nearly 27% last year. The average rental prices for apartments and villas jumped by around 21% and 37% respectively in 2022.
Now, tenants are again complaining about exorbitant rent hikes. One Dubai resident, who has been living in a three-bedroom apartment for the last decade, revealed that the rent has been increased by 20%.
This hike in rents is driven by rising demand for accommodations in Jumeirah, Dubai Hills Estate, Arabian Ranches, and Mohammed bin Rashid City.
The abovementioned areas offer an exclusive living experience which is why people have been drawn to them. People can find the most value-for-money accommodations in Dubai Marina, Mohammed Bin Rashid City, Jumeirah Village Triangle, Al Khail Heights, and Dubai Harbour.
According to industry experts, a surge in demand for rental units in Dubai can be attributed to several new policies that have been implemented in recent months.
Among these policies is the substantial expansion of the Golden Visa program, as well as the introduction of a new five-year Green residency. These reforms have been widely embraced and are poised to continue shaping the residency landscape for years to come.
