Media ININ Economy We Trust
Rental prices for luxury villas in Dubai recorded a significant jump during the first quarter of 2023 at a rate of 48% compared to the fourth quarter of 2022, and similar units at reasonable prices achieved an average growth of 30%, according to recent data for the local real estate sector in the emirate.
The rates of increase in luxury villa rental prices ranged between 7.5% at the minimum level in Palm Jumeirah, and 88% at the highest level within the Dubai Hills Estate area. As for affordable villas, they recorded a growth rate of between 2.5% in the minimum 3-room units and 58% in the 5-room units in Dubailand.
This steady growth in luxury villa rentals and similar prices at reasonable prices is attributed to the great demand and strong demand in the housing market in Dubai, as it is one of the most prominent cities that embrace the most beautiful landmarks and recreational facilities in the world, as the emirate provides its visitors and residents with much more to explore. It also welcomes all individuals from different nationalities of the world to start their business there, and to stay short and long-term.
Among the most prominent areas for renting luxury villas are “Umm Suqeim”, “Jumeirah”, “Dubai Hills Estate”, “Palm Jumeirah” and “Arabian Ranches”. As for villas for rent at affordable prices, the best destinations were for Mirdif, Damac Hills, Al Reem, Dubai Land and Jumeirah Village Circle.
On the other hand, the rental rate of real estate in Dubai varies from time to time, as rental prices for affordable 4-room villas declined by 6 and 2.3% in “DAMAC Hills” and “Dubailand”, respectively.
Image
«Umm Suqeim»
The Umm Suqeim area is one of the best options for those looking for luxury villas for rent in Dubai, and the demand for it increased during the first quarter of 2023, and its real estate witnessed a remarkable increase in annual rental rates as follows:
The rental rate for 4-bedroom villas increased significantly by 50%, reaching AED 271 thousand annually.
A 5-bedroom villa can be rented at a rate of about 315 thousand dirhams annually, with an increase of 25.5%.
The annual rent rate for 6-bedroom villas is AED 474 thousand, after an increase of 28.2%.
“Jumeirah”
The “Jumeirah” area ranked second in the list of the best areas for renting luxury villas in Dubai during the first quarter of 2023, and witnessed an increase in the average rent for villas for different spaces as follows:
The annual rent value of 4-bedroom villas is 273 thousand dirhams, after witnessing a significant increase in average annual rents by 53.2%.
The average rent for 5-bedroom villas increased by 31.6% to reach AED 331 thousand annually.
The rental rate for 6-bedroom villas increased to AED 460,000 annually, at a remarkable rate of 16.4%.
The average value of rental deals for villas was 1,190 million dirhams.
Dubai Hills Estate
Dubai Hills Estate is one of the best areas for renting luxury villas in Dubai, where an increase in average villa rents has been observed as follows:
The rental rate of 4-bedroom villas increased by a significant rate, reaching 70.8%, and as a result, the rental rate amounted to 284 thousand dirhams annually.
The rate of renting a 5-bedroom villa has become about 386 thousand dirhams annually, after a significant increase of 88.3%.
6-bedroom villas are available for rent at an average of AED 1.4 million annually, with an increase of 51.5%.
other regions
In addition to the above, luxury villa areas in Dubai witnessed an increase in the average annual rent compared to the fourth quarter of 2022, such as Palm Jumeirah, specifically 6-room villas, whose rental rate increased to 1.81 million dirhams annually, by 14.7%. Arabia 2 », a significant increase in the average rent of a 4-room villa by 20.5%, to reach 273 thousand dirhams annually.
Mirdif
Mirdif ranked first in the list of the best areas for renting villas at reasonable prices in Dubai in the first quarter of 2023, and its properties witnessed an increase in average villa rents as follows:
The rent rate for a 3-bedroom villa increased by 13.7%, to reach AED 98,000 annually.
The rental rate of 4-bedroom villas increased by 10.3%, to reach about 118 thousand dirhams annually.
The average rent for 5-bedroom villas increased significantly, by 14.7%, to reach AED 134,000 annually.
Damac Hills 2
Damac Hills 2 villas witnessed a discrepancy in rental prices between the decrease and the increase in the average annual rent in the first quarter of 2023 compared to the fourth quarter of 2022, as follows:
The rental rate for 3-bedroom villas increased by 8.17%, to reach 63 thousand dirhams annually.
The rental rate for 4-bedroom villas decreased by 6.18% to reach AED 73 thousand annually.
5-bedroom villas are available for rent at an average of AED 98 thousand annually, after an increase of 8.97%.
The average value of rental deals for villas in the region increased by 6.11% to reach 69 thousand dirhams.
“Reem”
Reem is classified as one of the best areas for renting villas at reasonable prices in Dubai during the first quarter of 2023, as its villas witnessed an increase in their rental rates as follows:
The rental rate for a 3-bedroom villa increased by 15.4%, to reach AED 123,000 annually.
The rental rate of 4-bedroom villas increased by 23.1%, to reach about 153 thousand dirhams annually.
The average value of rental deals decreased by 3.44% to reach 122 thousand dirhams.
other regions
Some other areas included in the list of the best areas for renting villas at reasonable prices in Dubai witnessed an increase and decrease in the average rent for villas, as the average rent for a 3-room villa in «Dubailand» increased by 2.49%, to become 111 thousand dirhams annually, and 3-room villas for rent were also popular. In “Jumeirah Village Circle”, the average rent increased by 19.1%, to reach 128 thousand dirhams annually. On the other hand, 4-bedroom villas for rent in Dubailand decreased by 2.28%, bringing it to 138 thousand dirhams annually.
