Experts predict a 20% increase in Dubai’s real estate rental costs this year due to investors seeking short-term and long-term returns. In H1 2023, rental prices rose by almost 23%. Short-term rentals spiked by 30% in October 2023 as the high season began. Forecasts for 2024 project a 20% rise in short-term rentals and a 15% increase in long-term rentals.
The surge in rental prices correlates with a 15% increase in apartment prices from mid-2022 to mid-2023. Property sales transactions in Dubai rose from over 30,000 in 2022 to approximately 50,000 in 2023. Projections for 2024 anticipate organic growth in the real estate market, reflecting in increased property values, high-rise building completions, and elevated property transactions. The influx of global professionals moving to Dubai for work is contributing to the positive trend in rising rental prices, making property investment for leasing a lucrative opportunity in 2024.