More Tenants Renew Leases

As rent prices in Dubai keep climbing, more tenants are choosing to renew their leases. A recent report shows a 14% annual increase in lease renewals during the second quarter of this year. This marks the 14th consecutive quarter of rising rents, according to Cushman and Wakefield Core.

Apartment and Villa Rents on the Rise

Apartment rents have surged by 22% compared to last year, while villa rents have risen by 13%. However, household incomes are struggling to keep pace with these rent hikes, squeezing disposable incomes, says Prathyusha Gurrapu, head of research at Cushman and Wakefield Core.

Mid-Market Areas Hit Hardest

Areas like Discovery Gardens, Dubai Sports City, and Dubailand experienced the highest rent increases, while prime districts saw smaller hikes, mirroring trends in the sales market.

Read More: Dreaming of Home with a 5-Star Hotel Facilities?