- Luxury Areas for Rental Apartments
- Luxury Areas for Renting Villas
- Affordable Areas for Renting Flats
- Affordable Areas for Renting Houses
In the first six months of 2024, the rental property market in Dubai has shown remarkable growth, reflecting the city’s dynamic economic landscape and its appeal as a global hub.
The city’s unmatched lifestyle, state-of-the-art amenities and a plethora of property options make it a hotspot for renting properties.
These intricacies are the reason for the city’s popularity among tenants and renters, which are increasing with every quarter. In 2024, the tourism sector of Dubai has witnessed a growth of more than 10% from January to May. In H1 2024, the visitor numbers have jumped to 8.12M in 2024 compared to 7.39M in the first six months of 2023.
In addition, the emirate continues to garner an influx of tourists and investors, with new off-plan projects and developments as the driving factors. This positive influence has further affirmed the city’s position as one of the key real estate players.
Data from dubizzle and the Dubai Land Department (DLD) highlights key trends and shifts in demand, with various neighbourhoods witnessing significant interest from tenants.
This report provides an in-depth analysis of trends, offering valuable insights for investors, property managers and renters alike. The hike in average asking rent of apartments and villas reflects the significance of the RERA rent calculator that now allows landlords to increase the rents to a greater extent on contract renewal.
This upward trend in rental prices is well in line with the city’s real estate regulations. Despite this rise, Dubai continues to be a favourite among tenants. It also remains an enticing choice for tourists who have arrived in large numbers, thanks to initiatives like holiday homes in Dubai which benefit both the investors and visitors.
Let’s delve into the details and explore the key drivers and emerging patterns in Dubai’s rental property market for the first half of 2024.
Here are the key takeaways from the Dubai rental market report H1 2024. For a deeper understanding of varying trends across different segments of the market, we have split the areas into luxury and affordable segments.
- Overall, annual rent for luxury apartments has increased by 7.23%, while villas have seen a 4.48% rise during H1 2024.
- Damac Hills 2 and Mirdif have emerged as the top areas for affordable rental villas. Their average annual rent has witnessed an increase of 2.75% and 2.13%, respectively.
- For luxury villas, Al Barsha has attained the highest attention, with an overall increase in rental prices of 7.71%.
- Deira, followed by International City, has remained a preferred choice among tenants for affordable apartments.
- Apartments in the affordable category have noted an average asking rent ranging between AED 62k in Deira to AED 88k in Bur Dubai.
- For luxury flats, Dubai Marina has secured the top spot with a consolidated increase of 1.32% in asking rents.
- The average yearly rent for luxury houses in the megacity have ranged from AED 112k in DAMAC Hills 2 to AED 207k in JVC.
Dubai’s property rental market has continued to grow, making monumental strides. Apart from futuristic real estate developments, the RERA tenancy laws have helped secure the interest of investors.
POPULAR AREAS FOR RENTING LUXURY PROPERTIES IN DUBAI
The rental property prices in Dubai have increased in H1 2024. As for the luxury segment of the Dubai real estate market, it has drawn the attention of investors, as per dubizzle real estate rental trends.
The rental luxury villas in Dubai have witnessed an uptick of 8.60% in asking rents. On the other hand, the average yearly rent for luxury apartments has gone up by 1.38% in H1 2024 as compared to H2 2023.
POPULAR LUXURY AREAS IN H1 TO RENT APARTMENTS IN DUBAI
POPULAR AREAS | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023 | 1-BEDROOM Avg. Yearly RentChange from H2 2023 | 2-BEDROOM Avg. Yearly RentChange from H2 2023 | 3-BEDROOM Avg. Yearly RentChange from H2 2023 |
|---|---|---|---|---|
| Dubai Marina | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| 1-BEDROOM Avg. Yearly RentChange from H2 2023
| 2-BEDROOM Avg. Yearly RentChange from H2 2023
| 3-BEDROOM Avg. Yearly RentChange from H2 2023
|
| Business Bay | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| 1-BEDROOM Avg. Yearly RentChange from H2 2023
| 2-BEDROOM Avg. Yearly RentChange from H2 2023
| 3-BEDROOM Avg. Yearly RentChange from H2 2023
|
| Downtown Dubai | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| 1-BEDROOM Avg. Yearly RentChange from H2 2023
| 2-BEDROOM Avg. Yearly RentChange from H2 2023
| 3-BEDROOM Avg. Yearly RentChange from H2 2023
|
| Dubai Creek Harbour | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| 1-BEDROOM Avg. Yearly RentChange from H2 2023
| 2-BEDROOM Avg. Yearly RentChange from H2 2023
| 3-BEDROOM Avg. Yearly RentChange from H2 2023
|
| Palm Jumeirah | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| 1-BEDROOM Avg. Yearly RentChange from H2 2023
| 2-BEDROOM Avg. Yearly RentChange from H2 2023
| 3-BEDROOM Avg. Yearly RentChange from H2 2023
|
The average rent for luxury rental apartments in Dubai has observed an increase in H1 2024. For 1 and 2-bed flats, the average asking rent has increased by 3.7% and 0.59%, respectively. However, for 3-bed apartments, the average rental prices have noticed a dip of 0.68%.
Dubai Marina
According to dubizzle search trends, Dubai Marina has secured the top position for rental luxury apartments in the city. The vibrant area is known for its scenic views of the coastline, skyscrapers and modern-day amenities.
In addition, the average asking rent per annum for luxury apartments in Dubai Marina stands at AED 153k. The rental prices have increased by 1.32%.
- The average asking rent for 1, 2 and 3-bed rental flats in Dubai Marina has observed an uptick of 2.78%, 0.59% and 1.51%, respectively.
- The average annual rent for 1-bed flats has increased to AED 111k. As for 2 and 3-bed flats, their average yearly rent stands at AED 170k and AED 269k, respectively.
- According to the DLD transaction data, the average annual rent for apartments in this luxury neighbourhood has risen by 6.11%.
Business Bay
Business Bay has emerged as another favoured choice for those seeking luxury flats. The financial district is well-connected to the rest of the city. It houses several commercial buildings and boasts a well-built road network.
Speaking of luxury rental apartments in Business Bay, their average asking rent has been recorded at AED 123k in H1 2024 with an uptick of 0.82%.
- The average annual rent of 1,2 and 3-bed apartments has increased by 6.25%, 3.38% and 2.19%, respectively.
- The average rental prices have increased to AED 102k, AED 153k and AED 233k for 1, 2 and 3-bed apartments, respectively.
- The average rental prices of luxury apartments in Business Bay have shown an uptick of 7.61%, as per DLD data.
Downtown Dubai
Next on our list is Downtown Dubai, a mega project by Emaar Properties. Home to the iconic Burj Khalifa, this bustling neighbourhood offers a dynamic lifestyle.
Based on dubizzle real estate rental trends, Downtown Dubai has observed a minor drop of 3.60%. The average rental prices of luxury apartments in H1 2024 now stand at AED 214k per year.
- There has been an increase of 0.74% in average yearly rent for 1-bed apartments. On the flip side, the rental 2-bed apartments in Downtown Dubai have observed a downward trajectory of 7.38%, while 3-bed houses have experienced a 5.68% drop in the average annual rent.
- The rent per annum has averaged AED 137k for 1-bed flats. However, the rental price for 2 and 3-bed apartments in the area has averaged AED 226k and AED 382k, respectively.
- Based on the data provided by DLD, the average asking rent of luxury flats in Downtown Dubai has soared by 9.80%.
Dubai Creek Harbour and Palm Jumeirah are also preferred areas for those in search of luxury apartments. The average annual rent of rental apartments in Dubai Creek Harbour has surged notably by 12.67%, bringing the average yearly rent to AED 169k. Many ongoing projects in the area such as Palace Residences and Creek Edge have led to this significant rise. As for the luxury flats for rent in Palm Jumeirah, their average yearly rent has amounted to AED 217k in H1 2024.
POPULAR LUXURY AREAS IN H1 TO RENT VILLAS IN DUBAI
POPULAR AREAS | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023 | 4-BEDROOM Avg. Yearly RentChange from H2 2023 | 5-BEDROOM Avg. Yearly RentChange from H2 2023 | 6-BEDROOM Avg. Yearly RentChange from H2 2023 |
|---|---|---|---|---|
| Al Barsha | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| 4-BEDROOM Avg. Yearly RentChange from H2 2023
| 5-BEDROOM Avg. Yearly RentChange from H2 2023
| 6-BEDROOM Avg. Yearly RentChange from H2 2023
|
| Dubai Hills Estate | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| 4-BEDROOM Avg. Yearly RentChange from H2 2023
| 5-BEDROOM Avg. Yearly RentChange from H2 2023
| 6-BEDROOM Avg. Yearly RentChange from H2 2023
|
| Jumeirah | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| 4-BEDROOM Avg. Yearly RentChange from H2 2023
| 5-BEDROOM Avg. Yearly RentChange from H2 2023
| 6-BEDROOM Avg. Yearly RentChange from H2 2023
|
| Umm Suqeim | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| 4-BEDROOM Avg. Yearly RentChange from H2 2023
| 5-BEDROOM Avg. Yearly RentChange from H2 2023
| 6-BEDROOM Avg. Yearly RentChange from H2 2023
|
| DAMAC Hills | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| 4-BEDROOM Avg. Yearly RentChange from H2 2023
| 5-BEDROOM Avg. Yearly RentChange from H2 2023
| 6-BEDROOM Avg. Yearly RentChange from H2 2023
|
Living in a villa remains a popular choice for those who prefer spacious spaces. Based on dubizzle data, the average rental prices of luxury villas in Dubai have noticed an uptick of 8.60%. Here are the top areas that have garnered the tenants’ interest.
Al Barsha
Al Barsha holds the top position for luxury rental villas in Dubai as per the rental property search trends observed on dubizzle. The area offers a cosmopolitan lifestyle and an abundance of amenities. Al Barsha is also home to several attractions such as the Mall of the Emirates and Dubai Miracle Garden.
The overall rental prices for villas in this area have amounted to AED 447k, with an upward trend of 7.71%.
- For 5 and 6-bed villas, the average rent has upscaled by 9.34% and 19.53%, respectively.
- The average rental prices for 4,5 and 6-bed rental villas in Al Barsha stand at AED 310k, AED 445k and AED 606k, respectively.
- A notable rise of 13.38% has been observed in the average asking rent, according to the DLD data.
Dubai Hills Estate
The next on our list is Dubai Hills Estate, a master-plan development of commercial and residential properties. Located in the heart of Dubai, this area offers hassle-free access to the rest of the city and has many amenities such as jogging tracks and gardens. It is also one of the top luxury areas for buying villas in Dubai.
Moreover, the area has attained the second top spot with average rental prices amounting to AED 399k after a notable 12.08% surge. This upward trend is due to the new developments in the area such as Emerald Hills and Golf Place.
- For 4 and 6-bed rental villas in Dubai Hills Estate, the average price per annum has increased by 11.86% and 7.03%, respectively. On the other hand, the average rent for 5-bed houses has dropped slightly by 0.80%.
- The rental prices for 4 and 6-bed villas have averaged AED 349k and AED 1.74M, respectively. For 5-bed houses, the average annual rent has amounted to AED 371k.
- The transaction data by DLD shows an overall increase of 5.64% in the average rental prices of villas in the neighbourhood.
Jumeirah
Jumeirah has also been on the radar for luxury rental villas in Dubai. Boasting an ideal location near beaches, Jumeirah is home to several residential properties, offering a family-friendly lifestyle. The neighbourhood has several new projects underway such as La Mer.
According to the rental search trends on dubizzle, the average asking rent for villas now stands at AED 451k after a massive rise of 12.75%.
- The average rental prices of 4 and 6-bed rental villas in Jumeirah have increased by 11.08% and 5.60% respectively. Meanwhile, the asking rent for 5-bed houses has seen a drop of 2.12%.
- With this average price shift, the 6 and 4-bed rental villas in Jumeirah stand at an average annual rent of AED 848k and AED 421k, respectively. Meanwhile, the average rent for 5-bed houses has been AED 415k in H1 2024.
- The DLD data for luxury rental villas in the area has shown an upward trend of 8.86% in average prices.
Umm Suqeim has also made the cut among the top areas for luxury houses in Dubai. The rental villas in Umm Suqeim have recorded an average asking rent of AED 391k after an uptick of 2.62%. DAMAC Hills has attained the fifth position on our list with an average yearly rent of AED 352k.
POPULAR AREAS FOR RENTING AFFORDABLE PROPERTIES IN DUBAI
In H1 2024, the affordable segment in the Dubai property market has also remained the main focus of tenants. Based on dubizzle search trends, budget-friendly villas and apartments have shown a positive trajectory in average rental prices.
The average annual rent for affordable apartments has risen by 10.87%. Meanwhile, the affordable rental villas in Dubai have shown a 3.90% increase in average yearly rent.
POPULAR AFFORDABLE AREAS IN H1 TO RENT APARTMENTS IN DUBAI
POPULAR AREAS | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023 | STUDIO Avg. Yearly RentChange from H2 2023 | 1-BEDROOM Avg. Yearly RentChange from H2 2023 | 2-BEDROOM Avg. Yearly RentChange from H2 2023 |
|---|---|---|---|---|
| Deira | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| STUDIO Avg. Yearly RentChange from H2 2023
| 1-BEDROOM Avg. Yearly RentChange from H2 2023
| 2-BEDROOM Avg. Yearly RentChange from H2 2023
|
| International City | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| STUDIO Avg. Yearly RentChange from H2 2023
| 1-BEDROOM Avg. Yearly RentChange from H2 2023
| 2-BEDROOM Avg. Yearly RentChange from H2 2023
|
| Al Nahda (Dubai) | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| STUDIO Avg. Yearly RentChange from H2 2023
| 1-BEDROOM Avg. Yearly RentChange from H2 2023
| 2-BEDROOM Avg. Yearly RentChange from H2 2023
|
| JVC | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| STUDIO Avg. Yearly RentChange from H2 2023
| 1-BEDROOM Avg. Yearly RentChange from H2 2023
| 2-BEDROOM Avg. Yearly RentChange from H2 2023
|
| Bur Dubai | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| STUDIO Avg. Yearly RentChange from H2 2023
| 1-BEDROOM Avg. Yearly RentChange from H2 2023
| 2-BEDROOM Avg. Yearly RentChange from H2 2023
|
The rental apartments in the affordable category have shown a significant rise in average rental prices. The average yearly rent for studio apartments has soared by 12.82% in H1 2024. Meanwhile, the average asking rent prices for 1 and 2-bed apartments have increased by 10.52% and 11.25%, respectively.
Here are the top areas for affordable apartments in the megacity, based on search trends on dubizzle.
Deira
Deira is one of the top choices among tenants when it comes to budget-friendly apartments in Dubai. It is one of the oldest areas of the city, with a rich cultural heritage yet brimming with modern-day amenities. As for rental flats in Deira, they have witnessed an uptick of 6.90%, bringing the asking rent to AED 62k.
- The average annual rent for 1 and 2-bed flats has increased by 10.87% and 8.57%, respectively. However, for studio apartments, the average rent remained the same as in H1 2024.
- The average rental prices have been AED 30k, AED 51k and AED 76k for studio, 1 and 2-bed apartments, respectively.
- Moreover, according to DLD, the average rent of flats in Deira has increased by 4.78%.
International City
International City comes next on our list. As a mega-project by Nakheel Properties, the community offers a plethora of residential properties and falls in proximity to other areas. The average asking rent of flats in International City has surged by 13.89%, with rental prices amounting to AED 41k. International City Phase 2 is one of the driving factors in this positive rental shift.
- The average annual rent for studio, 1 and 2-bed apartments has observed an increase of 19.23%, 18.92% and 5.45%, respectively.
- The average rent for studio apartments in the area has reached AED 31k in H1 2024. Meanwhile, the average prices for 1 and 2-bed apartments have increased to AED 44k and AED 58k, respectively.
- As per DLD, the average rent for affordable rental apartments in International City has shown an uptick of 5.88%.
Al Nahda (Dubai)
Al Nahda has also remained the focus of tenants searching for budget-friendly apartments in Dubai. The quaint community lies in proximity to Sharjah, making it a convenient choice for those who frequently commute between the two emirates. It also offers easy access to other areas via Dubai Metro.
As per dubizzle search trends, the annual average prices for apartments in Al Nahda have risen to AED 51k after a 13.33% soar.
- The average annual rent for studio, 1-bed and 2-bed apartments has recorded an upward trend of 26.67%, 15.79% and 9.62%, respectively.
- The average rent per annum for studio, 1 and 2 bed-apartments have amounted to AED 38k, AED 44k and AED 57k, respectively.
- Based on DLD transaction data, the average rent for affordable apartments has witnessed an increase of 2.67%.
JVC and Bur Dubai hold the fourth and fifth spots on our list. The rental apartments in JVC have observed an overall increase of 12.68% in average yearly rent with the asking rent amounting to AED 80k. What’s more, the new real estate developments in JVC Districts 12, 13 and 10 have added to the area’s popularity. The average annual rent for flats in Bur Dubai has increased to AED 88k, after a 14.29% surge. Al Ghubaiba and Al Souk Al Kabeer are some of the new projects in Dubai that have caused this upward rental trend.
POPULAR AFFORDABLE AREAS IN H1 TO RENT VILLAS IN DUBAI
POPULAR AREAS | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023 | 3-BEDROOM Avg. Yearly RentChange from H2 2023 | 4-BEDROOM Avg. Yearly RentChange from H2 2023 | 5-BEDROOM Avg. Yearly RentChange from H2 2023 |
|---|---|---|---|---|
| DAMAC Hills 2 (Akoya by DAMAC) | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| 3-BEDROOM Avg. Yearly RentChange from H2 2023
| 4-BEDROOM Avg. Yearly RentChange from H2 2023
| 5-BEDROOM Avg. Yearly RentChange from H2 2023
|
| Mirdif | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| 3-BEDROOM Avg. Yearly RentChange from H2 2023
| 4-BEDROOM Avg. Yearly RentChange from H2 2023
| 5-BEDROOM Avg. Yearly RentChange from H2 2023
|
| Dubai South | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| 3-BEDROOM Avg. Yearly RentChange from H2 2023
| 4-BEDROOM Avg. Yearly RentChange from H2 2023
| 5-BEDROOM Avg. Yearly RentChange from H2 2023
|
| Dubailand | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| 3-BEDROOM Avg. Yearly RentChange from H2 2023
| 4-BEDROOM Avg. Yearly RentChange from H2 2023
| 5-BEDROOM Avg. Yearly RentChange from H2 2023
|
| JVC | TRANSACTION PRICE Avg. Yearly RentChange from H2 2023
| 3-BEDROOM Avg. Yearly RentChange from H2 2023
| 4-BEDROOM Avg. Yearly RentChange from H2 2023
| 5-BEDROOM Avg. Yearly RentChange from H2 2023
|
Corresponding to dubizzle real estate trends, villas have been a viable option for those on a budget. The average rental prices for affordable villas in Dubai have recorded a notable shift in H1 2024. They have observed an increase of 3.92%.
Here are the top areas to rent affordable houses in Dubai.
DAMAC Hills 2 (Akoya by DAMAC)
DAMAC Hills 2 is a sought-after area for affordable rental villas in Dubai. It is one of the top golf communities in Dubai and is well-connected to the rest of the city. The average annual rent of rental villas in DAMAC Hills 2 has increased by 2.75%, amounting to AED 112k.
- The average yearly rent for 3, 4 and 5-bed villas has upscaled by 8.42%, 8.26% and 2.08%, respectively.
- The average annual rent has risen to AED 103k, AED 118k and AED 147k for 3, 4 and 5-bed villas.
- In line with the DLD transaction data, there has been an uptick of 8.72% in the average annual rent of villas.
Mirdif
Attaining the second position on our list is Mirdif. It is one of the freehold property areas of Dubai and is known for its community atmosphere. In addition, the villas in the area have witnessed an increase of 2.13% in average rent per annum. The rental prices now stand at AED 114k.
- For 3, 4 and 5-bed villas, the average yearly rent has risen by 0.81%, 4.26% and 11.11%, respectively.
- The average rent prices have increased to AED 125k, AED 147k and AED 180k for 3, 4 and 5-bed rental villas Mirdif, respectively.
- As per DLD data, a positive shift of 2.67% has been recorded in the rental prices of affordable villas in the area.
Dubai South
Dubai South ranks third among the most preferred areas for affordable villas in Dubai. Located adjacent to the Dubai-Abu Dhabi border, it is a master community comprising eight district zones. Also, Dubai South is home to many retail centres, restaurants and hotels.
The annual average price for rental villas in Dubai South has risen to AED 119k after an 8.18% increase in H1 2024.
- The average annual rent for 3 and 4-bed villas have observed an increase of 4% and 0.71%, respectively.
- The average rent for 3 and 4-bed houses in the development stands at AED 104k and AED 142k, respectively.
- Based on DLD data, the average rent for affordable apartments in this community has increased by 4.05%.
Ranking fourth, Dubailand is another sound option to find rental villas in Dubai on a budget. The average annual rent of rental villas in Dubailand has been recorded at AED 187k. With fifth place, the average rental prices of rental villas in JVC have increased by 8.38%. The prices for these villas stand at AED 207k in H1 2024.
Commenting on the latest market trends, the CEO of Bayut & dubizzle and Head of Dubizzle Group MENA, Haider Ali Khan, said:
“Dubai’s property market has yet again witnessed a period of remarkable growth. We continue to see an upward trend driven by a variety of factors including enhanced investor facilitation, transparent property transactions, and the introduction of new off-plan projects amongst others.
Dubai has always remained an attractive city globally, but the various resident visas introduced by the government may have encouraged an even higher influx of new residents. The city has welcomed more than 25,000 new people in just the first quarter of 2024, which has naturally fueled the demand for property. Projects such as the new airport in Dubai South and new metro stations also seem to have bolstered buyers’ interest in nearby areas. Similarly, the launch of new off-plan projects and overall investor confidence have positively impacted Dubai’s real estate market. All these factors have led to a surge in searches for both luxury and affordable properties across popular areas, reflecting consistent growth month after month.
At dubizzle, we’re dedicated to helping our users make the most of this dynamic and diverse property market. Our detailed data analysis of the latest market trends and property developments provides invaluable insights for investors, buyers, and renters alike, helping them capitalise on the potential of a highly in-demand and diverse property market.”
Those were all the useful insights and key points of the Dubai Rental Market Report H1 2024. The revision of the RERA rent calculator and the addition of new off-plan properties are some of the main reasons for the increase in average asking rent and the overall positive growth of the Dubai property market 2024. According to the dubizzle real estate trends, the above-mentioned areas have been most popular among those looking for rental properties in Dubai. State-of-the-art amenities, a robust infrastructure and a cosmopolitan lifestyle add to the appeal of this lively city.
Disclaimer: The aforementioned search trends in the Dubai Rental Market Report H1 2024 are based on the prices of rental properties on dubizzle. It is not a representation of the real estate transactions regulated in the emirates.
Keep reading dubizzle’s real estate blog for more on the Emirate’s property market and rental trends.
