Many investors realise that renting out apartments can be a profitable venture, but not everyone understands how rental prices are determined. Let’s explore together what should be taken into account
Rental Strategy: Are you planning on long-term or short-term rentals?
For short-term rentals, opt for tourist-heavy areas. For long-term leases, locations near metro stations, schools, nurseries, clinics, and shops are preferable.
1️⃣Location
Tourists favour areas like Dubai Marina, JBR, Palm Jumeirah, Emaar Beachfront, and Creek Harbour for their proximity to the sea. Meanwhile, areas like Jumeirah Village Circle, Arjan, Al Furjan, Dubai Studio City, and Business Bay are popular among expats.
2️⃣View
An apartment with a view on Dubai’s stunning landscapes can significantly increase its rental value.
3️⃣Condition
Many move to Dubai seeking a luxurious lifestyle without the hassle of everyday maintenance, so apartments with modern renovations and fully furnished options are highly sought after.
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Rental Strategy: Are you planning on long-term or short-term rentals?
For short-term rentals, opt for tourist-heavy areas. For long-term leases, locations near metro stations, schools, nurseries, clinics, and shops are preferable.
1️⃣Location
Tourists favour areas like Dubai Marina, JBR, Palm Jumeirah, Emaar Beachfront, and Creek Harbour for their proximity to the sea. Meanwhile, areas like Jumeirah Village Circle, Arjan, Al Furjan, Dubai Studio City, and Business Bay are popular among expats.
2️⃣View
An apartment with a view on Dubai’s stunning landscapes can significantly increase its rental value.
3️⃣Condition
Many move to Dubai seeking a luxurious lifestyle without the hassle of everyday maintenance, so apartments with modern renovations and fully furnished options are highly sought after.
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During the first quarter of 2024, Dubai's real estate sector continued to attract significant attention, both in terms of established properties and those yet to be developed, as indicated by Property Finder's latest Market Watch digest report.
Analysts at Property Finder uncovered a staggering 36,000 sales transactions during this period, marking it as the second most active quarter on record.
Comparing the figures to the same period in 2023, Q1 2024 boasted a remarkable increase, with transactions surging by 17 percent, reaching beyond the 36,000 mark, up from 31,000.
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Analysts at Property Finder uncovered a staggering 36,000 sales transactions during this period, marking it as the second most active quarter on record.
Comparing the figures to the same period in 2023, Q1 2024 boasted a remarkable increase, with transactions surging by 17 percent, reaching beyond the 36,000 mark, up from 31,000.
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Dubai's population has surged by 25,000 people, reaching a total of 3,680,785 as of April 4, 2024. This rapid inflow of residents and specialists from overseas is a significant shift compared to last year's period, reshaping the city's rental market.
The population boom in Dubai has triggered a substantial rise in rental demand. In the first quarter of 2024 alone, the Dubai rental market witnessed a whopping 72,885 lease renewals, involving a total of 145,770 landlords and tenants. This represents a remarkable 15% increase in the number of contracts compared to the previous year, signalling a thriving rental market.
Diving into the details, apartments comprise 80% of the leased properties, while the remaining 20% are villas and townhouses. This mix reflects the diverse needs and lifestyles of Dubai's growing population.
The local government has established a comprehensive legislative framework to oversee and regulate the rental market, ensuring that both landlords and tenants enjoy substantial legal protection under UAE law.
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The population boom in Dubai has triggered a substantial rise in rental demand. In the first quarter of 2024 alone, the Dubai rental market witnessed a whopping 72,885 lease renewals, involving a total of 145,770 landlords and tenants. This represents a remarkable 15% increase in the number of contracts compared to the previous year, signalling a thriving rental market.
Diving into the details, apartments comprise 80% of the leased properties, while the remaining 20% are villas and townhouses. This mix reflects the diverse needs and lifestyles of Dubai's growing population.
The local government has established a comprehensive legislative framework to oversee and regulate the rental market, ensuring that both landlords and tenants enjoy substantial legal protection under UAE law.
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TOP 5 Popular Questions Asked by Tenants in Dubai
1️⃣ Who can rent a property?
Anyone can rent property; however, the tenant must have UAE resident status if the lease is for one year or longer.
2️⃣ How is rent being paid?
Rent payment depends on the agreement between the tenant and landlord, but it is most likely being paid upfront for one year.
3️⃣ Who pays for housing maintenance costs?
Maintenance costs are shared between the tenant and the landlord. The landlord covers service charges and repairs, while the tenant is responsible for utility bills and any operational expenses that can arise during the tenure of the property.
4️⃣ Is it necessary to sign a lease agreement?
Yes, it is necessary to sign a lease agreement. Dubai legislation ensures the transparency and security of all rental transactions. Thus, all contracts must be registered with the Dubai Real Estate Regulatory Agency.
5️⃣ Can the landlord raise the rent after signing the contract?
Yes, but the increase can be at most 20% of the original rental cost.
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1️⃣ Who can rent a property?
Anyone can rent property; however, the tenant must have UAE resident status if the lease is for one year or longer.
2️⃣ How is rent being paid?
Rent payment depends on the agreement between the tenant and landlord, but it is most likely being paid upfront for one year.
3️⃣ Who pays for housing maintenance costs?
Maintenance costs are shared between the tenant and the landlord. The landlord covers service charges and repairs, while the tenant is responsible for utility bills and any operational expenses that can arise during the tenure of the property.
4️⃣ Is it necessary to sign a lease agreement?
Yes, it is necessary to sign a lease agreement. Dubai legislation ensures the transparency and security of all rental transactions. Thus, all contracts must be registered with the Dubai Real Estate Regulatory Agency.
5️⃣ Can the landlord raise the rent after signing the contract?
Yes, but the increase can be at most 20% of the original rental cost.
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💬 Why do I need a broker? Can't I buy property myself?
Indeed, you can purchase real estate independently without a broker's involvement, but experience demonstrates that the expertise of a qualified professional will never be superfluous.
Here's how a broker can assist you:
✔️Brokers help find properties that match your requirements
✔️Act as intermediaries between you and the property developer
✔️If you are not fluent in English or Arabic, brokers are your saviours since all official documents are maintained in these languages.
Brokers are there to assist you with arranging instalments and making a down payment.
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Indeed, you can purchase real estate independently without a broker's involvement, but experience demonstrates that the expertise of a qualified professional will never be superfluous.
Here's how a broker can assist you:
✔️Brokers help find properties that match your requirements
✔️Act as intermediaries between you and the property developer
✔️If you are not fluent in English or Arabic, brokers are your saviours since all official documents are maintained in these languages.
Brokers are there to assist you with arranging instalments and making a down payment.
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Types of visas, requirements, and purposes of stay in the UAE
Which visa is suitable for whom?
🟢Golden Visa
Suitable for residents planning a long-term stay in the country (5 years or more).
This is a long-term visa that does not require a sponsor and is available to:
- Property owners with assets worth $545,000 or more
- Investors who have invested at least $545,000 in a UAE investment fund
- Entrepreneurs, artists, doctors, students
🟢Green Visa
This visa is self-funded.
Duration: 5 years
Suitable for:
- Professionals with a valid employment contract and a salary of at least $4,000
- Freelancers who have earned at least $98,000 annually over the past two years
- Investors and financial partners
🟢Retirement Visa
This visa is suitable if you have a work history of 15 years; or age at the time of retirement is 55 or older.
It is also applicable if you own a property or have savings of at least $272,000.
Duration: 5 years
🟢Investor Visa
Suitable for those owning a property worth at least $204,000.
Duration: 2 years
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Which visa is suitable for whom?
🟢Golden Visa
Suitable for residents planning a long-term stay in the country (5 years or more).
This is a long-term visa that does not require a sponsor and is available to:
- Property owners with assets worth $545,000 or more
- Investors who have invested at least $545,000 in a UAE investment fund
- Entrepreneurs, artists, doctors, students
🟢Green Visa
This visa is self-funded.
Duration: 5 years
Suitable for:
- Professionals with a valid employment contract and a salary of at least $4,000
- Freelancers who have earned at least $98,000 annually over the past two years
- Investors and financial partners
🟢Retirement Visa
This visa is suitable if you have a work history of 15 years; or age at the time of retirement is 55 or older.
It is also applicable if you own a property or have savings of at least $272,000.
Duration: 5 years
🟢Investor Visa
Suitable for those owning a property worth at least $204,000.
Duration: 2 years
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For over a decade, the UAE has been at the forefront of pioneering new systems in finance and investment.
Once again, the Emirates has set the stage for a global trend in the investment sector. Investors worldwide are increasingly directing their capital towards the development of new technologies, renewable energy sources, and the tourism sector, a trend that presents exciting opportunities for all.
UAE is currently being focused on developing the following areas Among the innovations and technologies:
- Artificial intelligence;
- Fintech;
- Blockchain;
- Innovative and sustainable construction;
- The tourism and hospitality sector.
At the heart of the UAE's agenda is a resolute commitment to become a global technological hub.
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Once again, the Emirates has set the stage for a global trend in the investment sector. Investors worldwide are increasingly directing their capital towards the development of new technologies, renewable energy sources, and the tourism sector, a trend that presents exciting opportunities for all.
UAE is currently being focused on developing the following areas Among the innovations and technologies:
- Artificial intelligence;
- Fintech;
- Blockchain;
- Innovative and sustainable construction;
- The tourism and hospitality sector.
At the heart of the UAE's agenda is a resolute commitment to become a global technological hub.
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Dubai has just announced plans to construct the world's largest airport terminal, with a hefty price tag of $35 billion.
The Prime Minister and Vice President of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, revealed that the new terminal will be a staggering five times larger than the current Dubai International Airport and will serve up to 260 million passengers a year.
During a telethon, he elaborated, "As we develop an entire city surrounding the airport in the southern region of Dubai, there will be a demand for housing accommodating up to a million people. The world's leading logistics and air transport firms will find their base here."
This announcement serves as yet another testament to Dubai's dedication to future progress and expansion.
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The Prime Minister and Vice President of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, revealed that the new terminal will be a staggering five times larger than the current Dubai International Airport and will serve up to 260 million passengers a year.
During a telethon, he elaborated, "As we develop an entire city surrounding the airport in the southern region of Dubai, there will be a demand for housing accommodating up to a million people. The world's leading logistics and air transport firms will find their base here."
This announcement serves as yet another testament to Dubai's dedication to future progress and expansion.
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The UAE is focused on advancing the construction sector with modern and innovative technologies.
Dubai has already issued the first permit for building construction using 3D printing technology in the Emirates (the permit was granted to the construction company "Nakheel" for the Al Furjan Hills area).
Such companies as 3DXB and AC3D are actively working on applying 3D printing systems in Dubai's construction sector.
Looking ahead, the market for 3D construction printing is projected to reach $2.5 billion by next year, and by 2030, the UAE plans to "print" 25% of all new buildings.
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Dubai has already issued the first permit for building construction using 3D printing technology in the Emirates (the permit was granted to the construction company "Nakheel" for the Al Furjan Hills area).
Such companies as 3DXB and AC3D are actively working on applying 3D printing systems in Dubai's construction sector.
Looking ahead, the market for 3D construction printing is projected to reach $2.5 billion by next year, and by 2030, the UAE plans to "print" 25% of all new buildings.
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The UAE has operated according to the principles of FATF, providing the sense of security and prestige to the investors as these are the principles of the European community. In March 2024, the UAE was removed from the FATF "Greylist." This list was developed by the Financial Action Task Force to fight against money laundering.
According to Allsopp & Allsopp (2024), for the UAE, exiting the FATF "green list" offers benefits to its economy and enhances its global position, attracting more foreign investment and establishing trustworthy relationships with international partners. The real estate sector, specifically, is expected to experience substantial advantages from this alteration.
As rental rates rise and interest rates become more affordable, people prefer buying property rather than renting.
Off-Plan Property Sales. Off-plan real estate continues to gain momentum in sales; developers are launching new projects at an impressive frequency—once every 17 hours, significantly more than in the previous quarter, which was once every 36 hours.
The leaders among the regions are still:
1️⃣Jumeirah Village Circle,
2️⃣Dubai Marina,
3️⃣Business Bay.
Apartments accounted for 61.2% of the total sales volume by value, while villas and townhouses made up 38.8%.
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According to Allsopp & Allsopp (2024), for the UAE, exiting the FATF "green list" offers benefits to its economy and enhances its global position, attracting more foreign investment and establishing trustworthy relationships with international partners. The real estate sector, specifically, is expected to experience substantial advantages from this alteration.
As rental rates rise and interest rates become more affordable, people prefer buying property rather than renting.
Off-Plan Property Sales. Off-plan real estate continues to gain momentum in sales; developers are launching new projects at an impressive frequency—once every 17 hours, significantly more than in the previous quarter, which was once every 36 hours.
The leaders among the regions are still:
1️⃣Jumeirah Village Circle,
2️⃣Dubai Marina,
3️⃣Business Bay.
Apartments accounted for 61.2% of the total sales volume by value, while villas and townhouses made up 38.8%.
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Thanks to an 8% increase in the number of new jobs compared to the fourth quarter of 2023, the UAE has become the leader in job creation among the Gulf countries in the first quarter of this year.
The employment ratings from Cooper Fitch Gulf indicate growth in the number of new jobs in the sectors of real estate, digital technologies, data processing, and artificial intelligence.
🟢 Figures include:
- Real estate sector: +11%
- Construction, planning, and real estate services: +11%
📍Regarding overall growth in the region:
- Saudi Arabia saw a 5% increase in new jobs,
- Qatar had a 3% increase,
- Bahrain had a 1% increase,
- Kuwait had a 4% increase,
- Oman saw no change in job growth.
In the legal and investment management sectors, job numbers in the Gulf countries increased by 9%, indicating the region's growing popularity.
The economic outlook for the UAE remains promising, with projected GDP growth of 4.2% in 2024 and 5.2% in 2025.
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The employment ratings from Cooper Fitch Gulf indicate growth in the number of new jobs in the sectors of real estate, digital technologies, data processing, and artificial intelligence.
- Real estate sector: +11%
- Construction, planning, and real estate services: +11%
📍Regarding overall growth in the region:
- Saudi Arabia saw a 5% increase in new jobs,
- Qatar had a 3% increase,
- Bahrain had a 1% increase,
- Kuwait had a 4% increase,
- Oman saw no change in job growth.
In the legal and investment management sectors, job numbers in the Gulf countries increased by 9%, indicating the region's growing popularity.
The economic outlook for the UAE remains promising, with projected GDP growth of 4.2% in 2024 and 5.2% in 2025.
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Recently, the UAE Central Bank published updated ratings, in which we detected a particular trend. The growth is supported by diversification and favourable conditions of the national economy.
The report drew attention to employment growth in the private sector. In the first quarter of 2024 alone, the number of employees increased by 3.1%.
In terms of finance, the 2023 fiscal balance showed a surplus of AED 61 billion, which equates to 4.4% of GDP.
What does this tell us?
The market continues its steady growth and attracts more and more investments and entrepreneurs of various levels to the country.
Let's continue to monitor the situation together.
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The report drew attention to employment growth in the private sector. In the first quarter of 2024 alone, the number of employees increased by 3.1%.
In terms of finance, the 2023 fiscal balance showed a surplus of AED 61 billion, which equates to 4.4% of GDP.
What does this tell us?
The market continues its steady growth and attracts more and more investments and entrepreneurs of various levels to the country.
Let's continue to monitor the situation together.
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The property market is currently growing and evolving in various directions, and surely, we cannot ignore the overall digitisation trend.
Today, it's not just a trend, but a whole system that is revolutionising sales, purchasing, and property management.
📌Blockchain technology
This technology saves us a considerable amount of time and makes transactions more transparent and legitimate.
📌Artificial Intelligence
AI assists in data analysis, contract compliance monitoring, and even home and interior designs.
📌Virtual apartments and houses tours
This feature is particularly relevant for foreign buyers planning to purchase or rent properties in the UAE but are unable to physically visit the properties.
The development of these areas undoubtedly eases the workflow for both developers and brokers.
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Today, it's not just a trend, but a whole system that is revolutionising sales, purchasing, and property management.
📌Blockchain technology
This technology saves us a considerable amount of time and makes transactions more transparent and legitimate.
📌Artificial Intelligence
AI assists in data analysis, contract compliance monitoring, and even home and interior designs.
📌Virtual apartments and houses tours
This feature is particularly relevant for foreign buyers planning to purchase or rent properties in the UAE but are unable to physically visit the properties.
The development of these areas undoubtedly eases the workflow for both developers and brokers.
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The first quarter of 2024 saw a sales increase that exceeded average rates by 19.3%, according to data from Allsopp & Allsopp. Analysts are now predicting a record boom in Dubai's real estate sector during the next six months.
By analysing the prices of sold properties, it can be seen that about 30% of properties cost less than 1 million dirhams, indicating that the trend towards buying mid-priced housing is becoming more mainstream.
It is worth noting that the majority of the properties are purchased on mortgage terms (41.7% more than in the previous quarter).
🔊The main focus remains in the following areas:
- Jumeirah Village Circle,
- Dubai Marina,
- Business Bay.
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By analysing the prices of sold properties, it can be seen that about 30% of properties cost less than 1 million dirhams, indicating that the trend towards buying mid-priced housing is becoming more mainstream.
It is worth noting that the majority of the properties are purchased on mortgage terms (41.7% more than in the previous quarter).
🔊The main focus remains in the following areas:
- Jumeirah Village Circle,
- Dubai Marina,
- Business Bay.
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For those new to real estate investing, the complexities can be overwhelming, and it's easy to fall into common pitfalls. Let's explore the advantages and disadvantages of purchasing property on both the primary and secondary markets.
🟢Primary Market (Off-plan)
Advantages:
- Properties equipped with the latest technology and modern renovations.
- Lower prices compared to the secondary market.
- Option for payment instalments directly from the developer.
- High potential for investment returns.
Disadvantages:
- Construction completion is required, which involves waiting.
- High demand can make securing the desired property challenging.
🟢Secondary Market (Ready)
Advantages:
- Potential for immediate income generation.
- Availability of mortgages.
Disadvantages:
- Use of outdated building technologies and need for renovations.
- Requirement to pay the full price upfront.
- Longer time needed to realise a return on investment.
The main advantage of ready properties is the savings in time. If quick occupancy is a priority for you, then the secondary market might be the more appropriate choice.
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🟢Primary Market (Off-plan)
Advantages:
- Properties equipped with the latest technology and modern renovations.
- Lower prices compared to the secondary market.
- Option for payment instalments directly from the developer.
- High potential for investment returns.
Disadvantages:
- Construction completion is required, which involves waiting.
- High demand can make securing the desired property challenging.
🟢Secondary Market (Ready)
Advantages:
- Potential for immediate income generation.
- Availability of mortgages.
Disadvantages:
- Use of outdated building technologies and need for renovations.
- Requirement to pay the full price upfront.
- Longer time needed to realise a return on investment.
The main advantage of ready properties is the savings in time. If quick occupancy is a priority for you, then the secondary market might be the more appropriate choice.
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Dubai ranks first among Maritime Cities of 2024 in Arab countries.
Dubai has achieved the top position among Arab countries in the "Best Maritime Cities of 2024" ranking. This is evidenced by an international report presented by such companies as DNV and Menon Economics, which specialise in assessing maritime cities worldwide.
Comparing the results from 2022 and today, Dubai has climbed two positions up.
This increase is attributed to development of the following areas: maritime hubs, marine technologies, ports and logistics, overall tourist appeal, as well as financial and legal aspects.
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Dubai has achieved the top position among Arab countries in the "Best Maritime Cities of 2024" ranking. This is evidenced by an international report presented by such companies as DNV and Menon Economics, which specialise in assessing maritime cities worldwide.
Comparing the results from 2022 and today, Dubai has climbed two positions up.
This increase is attributed to development of the following areas: maritime hubs, marine technologies, ports and logistics, overall tourist appeal, as well as financial and legal aspects.
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The Dubai Land Department and the Real Estate Regulatory Agency (RERA) announced that from April 1 2024, the UAE real estate rental market implemented a new procedure for the reassessment of rental prices.
Landlords are now required to submit a court decision or order to file for a rental appraisal service. Previously, landlords just needed to pay a fee at the Dubai Land Department.
As of today, the price index calculator or RERA is the primary legal tool for calculating rental increases.
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Landlords are now required to submit a court decision or order to file for a rental appraisal service. Previously, landlords just needed to pay a fee at the Dubai Land Department.
As of today, the price index calculator or RERA is the primary legal tool for calculating rental increases.
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The UAE Cabinet of Ministers recently approved a visa for exceptional contributions to the country's environment.
Who can obtain it?
1. Employees of international companies and non-governmental organizations
2. Outstanding activists and researchers
3. Award winners
4. The essential purpose of the visa is to attract international specialists in environmental protection.
The visa will be valid for ten years.
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Who can obtain it?
1. Employees of international companies and non-governmental organizations
2. Outstanding activists and researchers
3. Award winners
4. The essential purpose of the visa is to attract international specialists in environmental protection.
The visa will be valid for ten years.
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According to the REIDIN information service (RPPI), the Dubai real estate price index has the following trend:
Sales
🔺Сompared to March 2024, the index increased by 2.13 points - from 117.87 to 120.00. Growth - 1.81%
🔺Compared to March 2024, the rental index increased by 1.62 points - from 120.82 to 122.44. Growth - 1.34%
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Sales
🔺Сompared to March 2024, the index increased by 2.13 points - from 117.87 to 120.00. Growth - 1.81%
🔺Compared to March 2024, the rental index increased by 1.62 points - from 120.82 to 122.44. Growth - 1.34%
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Based on the latest reports from the organizations that use the Dubai Financial Market (DFM) to raise funds through initial public offerings (IPOs), they have amassed $9.4 billion in revenue over the past three years!
A sharp jump began in 2022 when 230 thousand new investors were attracted, which increased DFM’s capitalization to $187 billion. At the same time, 155 bonds worth $131 billion were listed on DFM and Nasdaq Dubai.
The latest company to hold an IPO is Dubai-based parking supervisory company Parkin Co. PJSC.
Based on those facts, we can assume that this year holds positive dynamics in the market, and new listings can possibly be launched on the market.
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A sharp jump began in 2022 when 230 thousand new investors were attracted, which increased DFM’s capitalization to $187 billion. At the same time, 155 bonds worth $131 billion were listed on DFM and Nasdaq Dubai.
The latest company to hold an IPO is Dubai-based parking supervisory company Parkin Co. PJSC.
Based on those facts, we can assume that this year holds positive dynamics in the market, and new listings can possibly be launched on the market.
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Registering your rental agreement in Dubai is a crucial step and is referred to the Ejari system introduced by the Department of Lands (DLD) in 2007. Since 2010, unregistered agreements hold no legal validity.
Once your rental agreement is officially registered, you'll receive an Ejari certificate with a unique number and barcode.
🔺Why do you need a barcode?
- To connect water and electricity services
- To access internet and telephone services
- To obtain a UAE resident visa
🟢 How to register your agreement:
- Via the Dubai Rest and Dubai Now apps
- At Ejari service centers
- Through the DLD website
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Once your rental agreement is officially registered, you'll receive an Ejari certificate with a unique number and barcode.
🔺Why do you need a barcode?
- To connect water and electricity services
- To access internet and telephone services
- To obtain a UAE resident visa
🟢 How to register your agreement:
- Via the Dubai Rest and Dubai Now apps
- At Ejari service centers
- Through the DLD website
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