The Dubai Land Department (DLD) has released the first edition of the city’s official Residential Rental Performance Index (RRPI).
According to Ejari Registrations, the top areas for rental contract registration in January 2022 were Jebel Ali First with 1,811 registrations, followed by Naif with 1,760. In 2021, Al Karama (1,754), Al Warsan First (1,601), and Al Suq Al Kabeer (1,457) were also among the top five areas. Following that were Business Bay (1,317), Al Nahda Second (1,276), Barsha South (1,192), Marsa Dubai (1,174), and Nadd Hessa (1,174). (1,098). In January 2022, the top ten areas accounted for 28% of all rental transactions.
According to Property Finder proprietary residential search data for rental searches on the platform in 2021, Dubai Marina was the most searched area, accounting for more than 11% of all searches. Downtown Dubai, Business Bay, Jumeirah Village Circle, and Jumeirah Lakes Towers followed. Searches for Villas/Townhouses in 2021 were dominated by Jumeirah, Dubai Hills Estate, and The Springs, accounting for approximately 18% of all searches. Arabian Ranches and Umm Suqeim followed, demonstrating the extent of demand for properties on Umm Suqeim Road.
In January 2022 the overall monthly Index recorded 0.938 and an index price of Dh51,101 while apartments monthly index recorded 0.943 and an index price of Dh46,994, while Villas/Townhouses monthly Index recorded 0.868 and an index price of Dh 131,882.
The RPPI base year is 2013, the monthly index’s base month is January 2013, and the quarterly index’s base quarter is Q1 2013. According to the index, 51,452 leases were recorded in January 2022, with 52% of them being new contracts and 48% being renewed contracts, with 81% being annual contracts and 19% being non-annual.
For the first time, the Dubai RPPI has been released in collaboration with DLD and Property Finder. There is a plethora of noteworthy information contained within this insightful data. In 2021, 564,036 leases were signed throughout the year, breaking a 12-year record for volume of real estate rental contracts.
source: Khaleej Times
