Dubai Land Department and real estate listings portal Property Finder have unveiled the first official Residential Rental Performance Index.
It will be used to analyse the emirate’s rental market.
About 51,452 leases were signed in Dubai last month, with 52 per cent being new contracts, according to the index.
Of the total leases, 81 per cent were annual contracts.
In 2021, Dubai recorded 564,036 leases, which broke a 12-year record in terms of volume.
Annual leases increased by 50.3 per cent and non-annual leases increased by 75.5 per cent in 2021 compared with the previous year.
The most popular rental contracts in January were for two-bedroom apartments followed by one-bedroom properties. The most popular villa or townhouse rental contracts were for three bedrooms, according to the data.
Areas with the most rental contract registrations included Jabel Ali First with 1,811 registrations, followed by Naif with 1,760. Al Karama, Al Warsan First, Al Souq Al Kabeer, Business Bay, Al Nahda Second and Barsha South were also popular.
Dubai Marina was the most frequently looked-for area on the Property Finder platform, accounting for more than 11 per cent of all searches, according to the index. This was followed by Downtown Dubai, Business Bay, Jumeirah Village Circle and Jumeirah Lakes Towers.
The UAE’s property market continues to recover from the pandemic-induced slowdown on the back of government initiatives such as residency permits for those who have retired and a rapid vaccination programme.
The value of property deals in Dubai more than doubled last year and broke a 12-year record in terms of real estate sales transactions, buoyed by demand in the secondary real estate market.
The emirate registered 61,241 sales transactions worth Dh151.07 billion ($41.13bn) last year compared with Dh71.87bn worth of transactions it closed in 2020, making 2021 the best year for total transactions since 2013 and the highest in value since 2009, according to Property Finder.
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
