Palm Jumeirah Rents Witness 63% Jump

The figures cement the status of the area as a premium real estate destination

According to a recent report, the rent price increase for villas and townhouses in Dubai’s Palm Jumeirah neighbourhood was the highest this quarter, rising by 63% when compared to the same period in 2023.

Rent for villas and townhouses in Palm Jumeirah increased from an average of AED 656,114 in Q1 2023 to about AED 1.07 million in Q1 2024, according to the Espace Real Estate Q1 2024 Market Report. This remarkable increase demonstrates the enduring appeal and premium status of this storied neighbourhood.

There have been significant increases in prices for residential rentals in Dubai across different communities. The market review states that while growth in certain communities was startling, it was more gradual in others.

Rent Price Increases Across Dubai

Dubai Hills, which ranked second after Palm Jumeirah, experienced a 36% annual growth in average rental prices, going from AED 238,626 to AED 325,130. Rates at The Meadows also saw a notable 35% increase, going from AED 252,867 to AED 341,524.

The rental prices of Jumeirah Islands and Green Community both increased by 29%; in Jumeirah Islands, the price went from AED 309,114 to AED 397,769, while in Green Community, the price went from AED 199,999 to AED 257,948.

There were other noteworthy increases in Damac Hills (21%), Mudon (20%), and Jumeirah Golf Estates (24%). Rental prices increased significantly in The Springs, Jumeirah Park, Arabian Ranches, and Lakes, with increases ranging from 15% to 19%.

Certain communities saw more moderate growth, but the majority saw double-digit increases. Victory Heights and Arabian Ranches 3 saw the smallest increases, at 4% and 5%, respectively, while Emirates Hills, Arabian Ranches 2, Town Square, Al Furjan, and Mira/Reem saw increases between 11% and 12%.

Dubai’s thriving rental market is indicative of the city’s ongoing appeal as a major international centre for business, travel, and opulent living. Landlords have profited from the persistent demand for premium residential properties by raising rental rates in line with this trend.