For the first time ever, the Dubai Residential rental performance Index has been released in partnership between Dubai Land Department and Property Finder. Within this insightful data, there is a plethora of information that is quite notable. In 2021, 564,036 leases throughout the year broke a 12-year record in terms of volume for real estate rental contracts.
Annual leases increased by 50.3 percent and non-annual leases increased by 75.5 percent in 2021 compared to 2020.
When comparing the data over the last few years, it is interesting to note that, on average, the annual number of leases have increased by approximately 7 percent over the past 5 years but in 2021 it increased by 56 percent compared to 2020. However, in 2020, annual leases grow by 2.0 percent compared to 2019 and non-annual leases increased by 115.2 percent. Data beats opinion and there are a lot of facts to uncover and release into the market for full transparency.
In January 2022, we saw over 51,000 rental contracts in the Dubai real estate market with an even split between new and renewal contracts. As per Property Finder data the most popular apartments rental contracts were for 2 bedroom apartments with 1 bedroom trailing right behind and the most popular villa/townhouse rental contracts were for 3 bedrooms with 4 bedrooms coming in second place.