According to recent reports, the tenancies market in Dubai has seen a significant increase in activity in October. A total of 53,756 registered leases were signed, with 59.56% being new contracts and 40.44% being renewals. The vast majority of these contracts, 89.30%, were annual contracts, while the remaining 10.70% were non-annual. The majority of these contracts, 70.35%, were for residential purposes, while 28.46% were for commercial purposes.
October saw a 5.9% increase in rental contracts compared to September 2022, with annual contracts seeing a particularly strong increase of 6.76% on a monthly basis and 5.74% year-on-year. New contracts in October also saw a 6.39% increase compared to September 2022, while renewed contracts saw a 5.11% increase. The contracts for residential purposes increased by 4.04% while contracts for commercial purposes increased by 9.99% on a monthly basis.
Overall, these figures show a strong market for tenancies in Dubai, with growth in both new and renewed contracts, as well as for both residential and commercial purposes. It is a promising sign for the city’s real estate market as we move into the new year.