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. The Dubai Land Department, through its RERA division, oversees all aspects of the rental sphere, requiring that all long-term lease agreements (those extending beyond a year) be registered in the unified electronic system known as EJARI.
EJARI offers several benefits:
- It helps monitor and curb unjustified rent hikes,
- It safeguards tenants’ rights against illegal evictions,
- It ensures that a property cannot be leased out simultaneously to different tenants for the same period.
As Dubai continues to welcome new residents, its rental market is not just keeping pace but thriving!
Sourced from:
Abbas, W. https://www.khaleejtimes.com/uae/dubais-population-grows-by-over-25700-in-first-three-months-of-2024
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