A recent market report reveals a trend of rising rental prices for villas and townhouses across various Dubai communities in the first quarter of 2024. Notably, some areas witnessed exceptional growth, while others experienced more moderate increases.
Palm Jumeirah emerged as the frontrunner with a remarkable year-on-year increase of 63% in villa and townhouse rents. This translates to an average price jump from AED 656,114 in Q1 2023 to AED 1.07 million in Q1 2024, solidifying its position as a premium and highly sought-after residential community.
Dubai Hills followed closely with a 36% increase, while The Meadows and Jumeirah Islands saw significant hikes of 35% and 29% respectively. Green Community, Jumeirah Golf Estates, Damac Hills, and Mudon also experienced notable growth, ranging from 20% to 24%.
While most communities saw double-digit increases, some areas displayed a more moderate upward trend. Emirates Hills, Arabian Ranches 2, Town Square, Al Furjan, and Mira/Reem witnessed increases between 11% and 12%, with Victory Heights and Arabian Ranches 3 experiencing the smallest growth of 5% and 4% respectively.
The robust performance of the Dubai rental market underscores the city’s continued attractiveness as a global hub for business, tourism, and luxury living. Strong demand for high-quality residential properties is empowering landlords to adjust rental rates accordingly.
Publish 22 Apr 2024
Source: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-palm-jumeirah-villas-see-highest-rent-price-surge-of-63-in-q1-2024/
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