Dubai’s rental market recorded contracts worth Dh32.2 billion ($8.8 billion) in the first quarter of this year, reflecting sustained activity and stability, according to data from the Dubai Land Department.
A total of 118,385 new rental contracts were recorded, alongside 135,607 renewals, during January to March, reflecting steady activity in a market underpinned by clear legislation and an integrated regulatory framework, the Government of Dubai Media Office said on Sunday.
The numbers indicate sustained demand and stable landlord-tenant relationships, according to DLD.
The number of cancelled contracts declined by 25 per cent in the three months, reflecting improved rental-cycle stability and reduced market volatility.
The first quarter also saw 3,599 real estate licences registered across a wide range of sector activities, the data showed. Real estate sales and purchase brokerage licences accounted for the largest share at 1,564, followed by leasing brokerage licences at 928. Transaction follow-up services made up 376 licences, while real estate development licences totalled 128.
Additional licences were issued for services including owners’ association management, consultancy, property leasing and management, mortgage brokerage, valuation, surveying and auction organisation, reflecting a diversified and expanding service ecosystem, according to the statement.
The UAE’s real estate market has maintained robust momentum since bouncing back from the Covid-driven slowdown and has strongly weathered the fallout from geopolitical challenges.
The UAE and Gulf states have been hit by attacks from Iran in what it says is retaliation for strikes by the US and Israel, which began on February 28. However, business in the Emirates, including property market activity, has continued.
The value of Dubai’s real estate transactions surged by nearly a third in the first quarter of this year, underpinned by an influx of new investors and rising interest in luxury properties, the land department had said earlier this month. Transactions during the period hit Dh252 billion, marking a 31 per cent annual increase, the DLD data showed at the time.
Last month, Dubai brokerage Betterhomes said it had recorded a 23 per cent annual increase in rental listings for the month, alongside a 16 per cent decline in tenant enquiries.
The DLD’s first-quarter figures took into account a month’s worth of transactions, as the war began on February 28.
Dubai’s real estate sector continues to play a key role in the emirate’s economic growth, with market stability and investor confidence reinforcing its outlook for sustained performance.
Dubai rents have surged since the pandemic on the back of government initiatives such as residency permits for retired and remote workers, the expansion of the 10-year golden visa programme and overall growth in the UAE’s economy.
The latest figures released on Sunday highlight that Dubai’s rental market operates within a unified system that supports stability and adapts quickly to change, the statement said.
