In Pictures: More areas in Dubai see property prices and rents push higher

Will sheer weight of demand keep raising Dubai property values? It sure seems like it as more super-luxury homes are sold, and May numbers provide more confirmation that the strong demand continues.

So far, the gains have been reflect at the Palm, Dubai Marina and other prime districts in Dubai's residential space. Look closer, and buyers and tenants will see it is no longer the case.

Business Bay and Jumeirah Lake Towers are now scoring big, as is Jumeirah Village Circle (JVC).

Average rents for one-bedroom apartments in JLT, Marina and Business Bay are hovering between Dh55,000 to Dh80,000. Similar units in JVC are priced between Dh45,000 - Dh75,000 range.

With over 80 per cent occupancy levels, two-bedroom apartments in JVC start from Dh75,000. Business Bay and JLT units skewed higher - between Dh 80,000 to Dh200,000.

Three-bedroom apartments, which are in high demand are tagged at Dh150,000 and Dh300,000 in the above-mentioned areas. JVC is gaining momentum with a still competitive range of between Dh70,000 and Dh140,000. A 15 per cent gain compared to Q1-2022.

“We are experiencing an increased demand in the luxury segment,” said Deep Ruparelia, CEO of Inspire Properties. “This is because a lot of HNWI Europeans, Russians are moving to Dubai ."

In the villa category, Jumeriah Park, District One and Palm Jumeirah have emerged as tenants' favourite picks.

Palm Jumeirah is getting even pricier. Rent for Nakheel’s Garden homes hover between Dh600,000 and Dh1.5 million per annum. The Dubai developer’s signature villas can be rented at Dh1.5 million.

Palm Jumeirah’s contemporary villas are priced at between Dh1.7 million and Dh2.5 million. Ruparelia said that the villa owners are splurging to upgrade little details in the villa which, after the pandemic, has pushed the value of these properties higher than expected.

Six-bedroom villas in District One are priced at Dh2 million, and four and five-bedroom apartments’ rent hover at Dh 1 million and Dh1.25 million, respectively.

Rents for Jumeirah Park’s Nova Villas are priced between Dh250,000 to Dh280,000 per annum. Three-bedroom villas hover between Dh220,000 and Dh 250,000. Four-bedroom villas can be rented within the Dh280,000 - Dh40,000 range.

Industry experts expect this trend to continue for the next two years due to Dubai’s positioning and various government incentives.