Property owners in Dubai yield an average of AED13,000, or 41 percent more in annual income than renting, reveals a new study.
According to a new report released by Betterhomes titled ‘The Future Living: The Dubai 2024 Edition,’ the average monthly income of tenants in Dubai is AED32,303, whereas property owners earn AED45,616.
The constant rise in rentals over the past three years has boosted the income of property owners.
Dubai’s average apartment and villa rental prices in June 2024 stood at AED127,969 and AED 354,512 per annum, respectively. Over this period, the highest annual rents for apartments and villas were respectively found in Palm Jumeirah, with asking rents standing at an average of AED279,826; and in Al Barari, with rents reaching an average of AED1,344,844, according to real estate consultancy CBRE’s second-quarter report.
The salaries in the UAE are projected to increase faster than the rise in inflation rate in 2024 on the back of increased demand for talent and growth in the overall economy, revealed global human capital consultancy Mercer.
The report had stated earlier this year that the average salary in the UAE is expected to increase 4 percent this year as compared to a 2.3 percent rise in inflation.
As per income analysis conducted by Betterhomes, it further reveals that 63 percent of their respondents earn AED50,000 or less per month.
Based on a comprehensive survey of over 1,600 residents, ranging from renters and homeowners to investors, millennials (aged 28 to 43) were identified as the dominant demographic, comprising 56 percent of respondents.
