Rents for Palm Jumeirah villas increase by 63% in Q1 2024

Rents for Palm Jumeirah villas increase by 63% in Q1 2024

Rents for Palm Jumeirah villas increase by 63% in Q1 2024

According to a recent report, the rent price increase for villas and townhouses in Dubai’s Palm Jumeirah neighborhood was the highest this quarter, rising by 63 percent compared to the same period in 2023.

The rent for villas and townhouses in Palm Jumeirah increased from an average of AED 656,114 in Q1 2023 to about AED 1.07 million in Q1 2024, as reported by the Espace Real Estate Q1 2024 Market Report. This significant increase highlights the enduring appeal and premium status of this prestigious neighborhood.

There have been notable increases in residential rental prices across various communities in Dubai. The market review indicates that while some communities experienced rapid growth, others saw more gradual increases.

Rent price increases across Dubai

Dubai Hills, which ranked second after Palm Jumeirah, experienced an impressive 36% annual growth in average rental prices, soaring from AED 238,626 to AED 325,130. Similarly, rates at The Meadows also saw a significant 35 percent increase, climbing from AED 252,867 to AED 341,524.

The rental prices of Jumeirah Islands and Green Community both saw a notable 29% increase. In the Jumeirah Islands, the price rose from AED 309,114 to AED 397,769, while in Green Community, the price increased from AED 199,999 to AED 257,948.

Other communities such as Damac Hills (21 percent), Mudon (20 percent), and Jumeirah Golf Estates (24 percent) also experienced substantial growth in rental prices. The Springs, Jumeirah Park, Arabian Ranches, and Lakes saw increases ranging from 15% to 19%.

While some communities saw more moderate growth, the majority experienced double-digit increases. Victory Heights and Arabian Ranches 3 had the smallest increases at 4% and 5%, respectively. On the other hand, Emirates Hills, Arabian Ranches 2, Town Square, Al Furjan, and Mira/Reem saw increases between 11% and 12%.

Dubai’s flourishing rental market is a clear reflection of the city’s continued allure as a prominent international hub for business, travel, and luxurious living. Landlords have capitalized on the consistent demand for high-end residential properties by increasing rental rates following this trend.

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