In January 2022, the overall monthly Index recorded 0.938 and an index price of Dhs51,101. The apartments monthly Index recorded 0.943 and an index price of Dhs46,994, while villas/townhouses monthly Index recorded 0.868 and an index price of Dhs131,882.
The base year for RPPI is 2013 and the base month for the monthly index is January 2013, with the base quarter for the quarterly index being Q1 2013, according to Dubai Media Office.
According to the index, 51,452 leases were recorded in January 2022, 52 per cent of which were new contracts, and 48 per cent were renewed contracts, while 81 per cent of them were annual contracts, and 19 per cent were for non-annual, according to Dubai Media Office.
In 2021, there were 564,036 leases throughout the year, breaking a 12-year record in terms of volume for real estate rental contracts.
Annual leases increased by 50.3 per cent and non-annual leases increased by 75.5 per cent in 2021 compared to 2020.
On average, the annual number of leases have increased by approximately 7 per cent over the past five years, but in 2021 it increased by 56 per cent compared to 2020.
However, in 2020, annual leases grew by 2 per cent compared to 2019 and non-annual leases increased by 115.2 per cent.
In January 2022, there were over 51,452 rental contracts in the Dubai market with an even split between new and renewal contracts.
As per Property Finder data, the most popular apartments rental contracts were for two-bedroom apartments with one bedroom trailing right behind and the most popular villa/townhouse rental contracts were for three bedrooms with four bedrooms coming in second place.
Source: Gulf Business