Bayut’s 2024 Dubai Rental Market Report

• At a Glance
• Affordable Apartment Rentals
• Mid-Tier Apartment Rentals
• Luxury Apartment Rentals
• Affordable Villa Rentals
• Mid-Tier Villa Rentals
• Luxury Villa Rentals

With 2024 officially in the record books, it’s evident that Dubai’s rental market has experienced a consistent rise in property prices. Our detailed Dubai Rental Market Report for 2024 delves into the fluctuations in rental rates for both apartments and villas across key residential districts in the city, as recorded on Bayut.

We have segmented the popular areas for rental apartments and villas into ‘Affordable,’ ‘Mid-tier’ and ‘Luxury’ categories to provide a more tailored view of the Dubai rental market.

AT A GLANCE: DUBAI RENTAL MARKET 2024

An analysis of Dubai’s rental property prices reveals increases across the affordable, mid-tier and luxury segments:

• Rental prices for budget-friendly properties have grown between 12% and 48%.

• The mid-tier category has seen rental increases of up to 45%.

• Premium properties have recorded rent hikes of up to 60%.

• Data indicates Deira was the most in-demand area for affordable apartments, while Jumeirah Village Circle remained a favourite for mid-range apartment rentals. Luxury apartment seekers were drawn to Dubai Marina.

• For affordable villas, DAMAC Hills 2 emerged as the top choice, while Jumeirah Village Circle attracted tenants seeking mid-range villa rentals. Dubai Hills Estate maintained its appeal among those preferring high-end villas.

According to Dubai Rental Transactions data, around 1.02M rental transactions amounting to AED 74.5 billion were recorded until December 10, 2024.

To identify consumer search and rental trends in the Dubai property market 2024, our data analysts have compared the average asking rents advertised on Bayut during 2024 (excluding room share) to those observed during 2023.

DEIRA REMAINS THE MOST POPULAR AREA FOR AFFORDABLE APARTMENT RENTALS

RENTAL PRICES FOR AFFORDABLE APARTMENTS IN POPULAR AREAS – DUBAI RENTAL MARKET REPORT 2024

• Affordable rental apartments in Deira, Bur Dubai and International City attracted significant tenant interest.

• Rents in these locations increased by between 12% and 48%, with 2-bed units in Deira, and studio and 1-bed units in International City experiencing the highest increases.

• These notable price surges highlight the growing demand for budget-friendly apartments as overall rental costs in Dubai continue to climb.

JUMEIRAH VILLAGE CIRCLE REMAINS A TOP CHOICE FOR MID-TIER APARTMENT RENTALS

RENTS FOR MID-TIER APARTMENTS IN POPULAR AREAS – DUBAI RENTAL MARKET REPORT 2024

• The mid-range segment saw the highest tenant interest in rental apartments in Jumeirah Village Circle, Business Bay and Jumeirah Lake Towers.

• Rental prices in these areas rose by between 20% and 41%, with the most significant price movement recorded for 1-bed and 2-bed flats in Jumeirah Lake Towers.

DUBAI MARINA CONTINUES TO BE THE FAVOURITE FOR LUXURY APARTMENT RENTALS

RENTS FOR LUXURY APARTMENTS – DUBAI RENTAL MARKET REPORT 2024

• Dubai Marina, Downtown Dubai and Meydan City emerged as popular options for luxury apartment rentals.

• Consistent with trends seen throughout Bayut’s 2024 report, these areas saw rental increases of up to 26% across most unit types, with the highest upticks observed for 1-bed and 3-bed flats in Dubai Marina.

• However, rents for 3-bedroom apartments in Meydan City decreased by 4.12%.

Apartments for Rent in Dubai

View all

AED 69,000 Yearly

• 1 BED
• |
• 1 BATH
• |
• 645 SQFT

Abdul Salam M. Rafi & Saleh M. Ramadan Building, Al Mankhool, Bur Dubai, Dubai, UAE

AED 96,000 Yearly

• 2 BEDS
• |
• 3 BATHS
• |
• 1191 SQFT

AAA Residence, JVC District 13, Jumeirah Village Circle (JVC), Dubai, UAE

AED 120,000 Yearly

• 2 BEDS
• |
• 3 BATHS
• |
• 981 SQFT

Binghatti Corner, JVC District 10, Jumeirah Village Circle (JVC), Dubai, UAE

AED 300,000 Yearly

• 3 BEDS
• |
• 4 BATHS
• |
• 2160 SQFT

Al Hamri, Shoreline Apartments, Palm Jumeirah, Dubai, UAE

AED 89,000 Yearly

• 1 BED
• |
• 2 BATHS
• |
• 732 SQFT

Signature Livings North, Signature Livings, JVC District 10, Jumeirah Village Circle (JVC), Dubai, UAE

AED 105,000 Yearly

• 1 BED
• |
• 2 BATHS
• |
• 714 SQFT

Waves Grande, Sobha Hartland, Dubai, UAE

AED 160,000 Yearly

• 2 BEDS
• |
• 3 BATHS
• |
• 1301 SQFT

Bonaire Tower, Park Island, Dubai Marina, Dubai, UAE

AED 51,000 Yearly

• 1 BED
• |
• 2 BATHS
• |
• 699 SQFT

Noora Ahmad Mohammad Obaid Al Shamsi Building, Al Warqaa 1, Al Warqaa, Dubai, UAE

AED 174,999 Yearly

• 2 BEDS
• |
• 2 BATHS
• |
• 1417 SQFT

Miska 4, Miska, Old Town, Downtown Dubai, Dubai, UAE

AED 135,000 Yearly

• 2 BEDS
• |
• 3 BATHS
• |
• 1558 SQFT

Chaimaa Avenue Residences, JVC District 13, Jumeirah Village Circle (JVC), Dubai, UAE

DAMAC HILLS 2 IS THE TOP CHOICE FOR AFFORDABLE VILLA RENTALS IN DUBAI

POPULAR AREAS FOR AFFORDABLE VILLAS – DUBAI RENTAL MARKET REPORT 2024

• Budget-conscious tenants favoured rental villas in DAMAC Hills 2, Mirdif, and Dubailand.

• Rents in these neighbourhoods increased from between 19% and 44%, with the highest upticks recorded for 3-bedroom units in DAMAC Hills 2.

• Transaction history for villa rentals in Dubai in these areas also reflected the upward trend.

JUMEIRAH VILLAGE CIRCLE LEADS FOR MID-TIER VILLA RENTALS

POPULAR AREAS FOR MID-TIER VILLAS – DUBAI RENTAL MARKET REPORT 2024

• Jumeirah Village Circle ranked highest for mid-tier villa rentals, followed by Town Square and Arabian Ranches 3.

• Rental values in these areas appreciated by up to 45% due to sustained demand for spacious homes.

• The most significant increases were seen in Town Square, where rents for 4-bedroom homes rose by 45%, highlighting greater demand for gated community living.

DUBAI HILLS ESTATE REMAINS THE TOP CHOICE FOR LUXURY VILLA RENTALS

POPULAR COMMUNITIES FOR LUXURY VILLAS – DUBAI RENTAL MARKET REPORT 2024

• Tenants seeking luxury villas are primarily focused on areas such as Dubai Hills Estate, Al Barsha and Jumeirah.

• Rental prices in these communities generally increased between 23% and 60%.

• The sharpest rise was noted for 6-bedroom rental villas in DAMAC Hills, highlighting heightened interest in larger centrally located family homes.

Villas for Rent in Dubai

View all

AED 300,000 Yearly

• 3 BEDS
• |
• 3 BATHS
• |
• 2455 SQFT

The Springs 14, The Springs, Dubai, UAE

AED 385,000 Yearly

• 4 BEDS
• |
• 6 BATHS
• |
• 3409 SQFT

Aura, Tilal Al Ghaf, Dubai, UAE

AED 170,000 Yearly

• 3 BEDS
• |
• 4 BATHS
• |
• 2365 SQFT

Mira Oasis 3, Mira Oasis, Reem, Dubai, UAE

AED 500,000 Yearly

• 5 BEDS
• |
• 6 BATHS
• |
• 6590 SQFT

Murooj Al Furjan, Al Furjan, Dubai, UAE

AED 225,000 Yearly

• 3 BEDS
• |
• 5 BATHS
• |
• 5403 SQFT

Western Residence North, Falcon City of Wonders, Dubai, UAE

AED 210,000 Yearly

• 3 BEDS
• |
• 3 BATHS
• |
• 2042 SQFT

Rochester, The Park Villas, DAMAC Hills, Dubai, UAE

AED 500,000 Yearly

• 6 BEDS
• |
• 6 BATHS
• |
• 5507 SQFT

Grand Views, Meydan Gated Community, Meydan City, Dubai, UAE

AED 610,000 Yearly

• 6 BEDS
• |
• 7 BATHS
• |
• 5508 SQFT

Grand Views, Meydan Gated Community, Meydan City, Dubai, UAE

AED 425,000 Yearly

• 5 BEDS
• |
• 5 BATHS
• |
• 8664 SQFT

Esmeralda, Victory Heights, Dubai Sports City, Dubai, UAE

AED 249,999 Yearly

• 4 BEDS
• |
• 5 BATHS
• |
• 6130 SQFT

Circle Villas, Jumeirah Village Circle (JVC), Dubai, UAE

Commenting on the findings of the 2024 Dubai Rental Market Report, Haider Ali Khan, CEO of Bayut and Head of Dubizzle Group MENA, said:

“Dubai’s real estate market is buzzing right now and it’s easy to see why. Luxury properties in areas such as Palm Jumeirah and Dubai Hills Estate are breaking records, with buyers from Europe and Asia flocking to secure ultra-high-end homes. At the same time, we’re seeing tremendous interest in emerging areas such as Dubai South and Dubai Creek Harbour, driven by improved infrastructure and strategic locations.

With over 4 million expats expected to be residing in Dubai by 2025, the surging demand for housing is likely to continue apace. This presents exciting opportunities for everyone in the industry. Dubai is cementing its place as a global lifestyle and investment destination and I feel the next few years are poised to redefine the market. 

At Bayut, we’re leading this transformation with our innovative tools and features. TruBroker^TM connects buyers with trusted professionals, while Dubai Transactions provides transparency on market trends, and TruEstimate^TM ensures accurate property valuations. These solutions are empowering buyers, sellers and agents to make informed decisions and to navigate Dubai’s evolving property landscape with increased confidence.”

That concludes our Dubai Rental Market Report for 2024. For insights on real estate investments, check out our Dubai Sales Market Report for 2024, which covers property prices in the emirate’s most sought-after areas.

Stay tuned to MyBayut for upcoming property market reports for Abu Dhabi, set to be released later this week.

Disclaimer: The average prices in the above Dubai rental property market report (MKTRPTYE2024) are based on ready properties advertised by real estate agencies on behalf of their clients on Bayut.com (excluding room share), and is not representative of actual real estate transactions conducted in Dubai, unless specified as based on DLD data.