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REPORT: Dubai Rents Dip 21% In The Third Quarter of 2023
This article has been edited.
Whether you’re a newbie in Dubai, a longtime resident, or simply curious about the city’s rental scene, here’s the scoop: Rents in Dubai dipped by 21% during the third quarter of 2023…
EDIT: Allsopp & Allsopp added this clarification on rental prices decreasing. “The average price for a rental contract has dipped because there was an increased number of Allsopp & Allsopp rental contracts in suburban locations (higher number of contacts at lower annual prices) vs prime locations (lower number of contracts at higher annual prices).”
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According to Allsopp & Allsopp’s Dubai Real Estate Market Snapshot report for Q3 2023, prices decreased by 17% when compared to Q2, with notable drops of 24% for villas, 15% for townhouses, and apartments.
The top-performing neighbourhoods in Dubai:
- Business Bay – Average rent: AED 108,757
- Downtown Dubai – Average rent: AED 176,274
- Dubai Marina – Average rent: AED 135,182
- Jumeirah Lakes Towers (JLT) – Average rent: 101,464
- Motor city – Average rent: AED 86,033
Moreover, the TOP 5 buyer nationalities were:
- British – 22%
- Indian – 12%
- Italian – 5%
- French – 4%
- Lebanese – 4%
In the top 5 tenant nationalities, British nationals comprised 23%, followed by Russians at 9%, Indians at 8%, French at 5%, and Egyptians at 5%.
Taking all these factors into account, the busy summer yielded impressive results, with a total sales figure of AED 92.6 billion, reflecting a 6% increase in value when compared to Q2 2023. Furthermore, when compared to Q3 in 2022, there was a remarkable 38% surge in the value of properties sold. Transaction volume also followed this upward trend, experiencing a 3% increase from Q2 2023 and a substantial 21% surge from Q3 2022.
Furthermore, in the apartment category, there was a significant 25% growth in comparison to Q2 2023, and a remarkable 38% increase when contrasted with Q3 2023. In the villa and townhouse segment, the rental volume saw a 13% increase compared to the previous quarter and an impressive 56% surge when compared to Q3 2022.
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