Dubai's Rental Market Hits All-Time High Amid Strong Demand

Summary:

Dubai's rental market reached a record high in June, with 40,022 contracts registered. New leases surged 48.6% year-on-year to 19,245, while renewals rose 28.5% to 20,777. Firas Al Msaddi, CEO of fäm Properties, noted that the strong demand reflects renewed confidence after regional tensions. He highlighted a shift towards long-term leasing in the ultra-luxury segment, with owners opting to rent rather than sell. Recent examples include two villas in Al Barari leased for Dh14 million and Dh7.2 million over two years, indicating a growing trend among owners to hold onto their properties.