What accounts for the 22% rental increase and the record 965,000 contracts in 2024?

The full explanation

Dubai�s rental market reached an unprecedented 965,067 contracts in 2024, a 101% increase since 2017. This growth is a direct result of population mathematics: approximately 1,000 new residents arrive in Dubai daily, yet the city only delivered around 40,000 units in 2024 against a required 60,000 to 65,000 units. This supply-demand deficit of 28% to 38% has naturally pushed residential villa rents up by 19.6% and overall rental values up by 22.68%. For investors, this environment delivers resilient yields between 6% and 8%, which is more than double the yields found in mature markets like London (3.3%). Furthermore, the rise in renewals (up 10.4%) indicates "tenant stickiness" and a maturing resident profile that views Dubai as a long-term home rather than a transient hub.