Over the past 12 months, the average cost of renting an apartment has increased by 28.8%, while renting a villa has increased by 26.1%.
As of the first month of 2023, the average apartment rental price was AED 98,307 (USD 26,767) per year and the annual cost of renting a villa was AED 290,242 (USD 79,025).
Palm Jumeirah is the most expensive area to rent both apartments and villas. Currently, the average rental rate for apartments here is AED 258,529 (USD 70,390), and for villas amounts to AED 1,032,763 (USD 281,192) per year.
Dubai's housing market is off to a pretty good start this year with 9,229 real estate transactions within the first month of 2023. Compared to 2022, this figure has increased by 69.2%.
There were also changes in the off-plan and in the secondary real estate market, as sales increased by 88.1% and 51.4%, respectively.