Average property rental prices in Dubai in 2022
The Zoom Property Insights company has named the average prices for renting apartments and villas in Dubai, including the most prestigious areas.
Data from Zoom Property Insights
The rental market in Dubai continues to grow. Average rental prices increased by 27% year on year. Demand for rentals has increased due to the high financial attractiveness of Dubai among foreign investors and the super-rich.
Rental prices in Dubai in 2022
- The average cost of renting apartments is $24,990 per year (or $2,082 per month). Renting apartments has risen in price by 27.5% year on year.
- The average cost of renting villas is $74,800 per year (or $6,233 per month). Villa rentals have risen in price by 25.7% year on year.
The Best Areas in Dubai to Live in
Latest figures confirm that the best areas in Dubai are Dubai Marina, Palm Jumeirah, Downtown Dubai and JBR. In all these areas, there is still a high demand for rental apartments, which is a positive sign. 2022 will end favorably for the Dubai real estate market as the FIFA 2022 World Cup held in neighboring country Qatar has a positive effect on short-term rentals in Dubai.
Palm Jumeirah is Dubai’s most sought-after area for property rentals, according to Zoom Property Insights Q3 2022 data. Average rental prices for apartments in the area increased by 22% and villas by 32%. In Downtown Dubai, rental rates for apartments increased by 24%. Dubai Hills Estate recorded the fastest growth in villa rental prices (+33% yoy).
High rental demand also continues in the following areas: Jumeirah Bay, Emirates Hills, JBR, Al Barari and Dubai Marina.
Forecasts and prospects for 2023
Forecasts for the Dubai rental property market remain extremely positive in 2023. Analysts from Zoom Property Insight believe that rents for apartments and villas will remain high throughout 2023. Therefore, we are in for an even stronger 2023 for the Dubai rental market.