Specialized real estate reports have revealed that rents for residential properties in Dubai continued to rise by 25% year-over-year in December 2021, recording the highest rate among 30 cities.

Savills, a real estate consulting firm, reported that the Dubai index, which measures luxury residential rental prices, topped the list of global cities for 2021, noting that prices during the second half of 2021 reached levels not seen since the global financial crisis in June 2008.

According to the report, the capital value of luxury residential real estate in Dubai rose by 17.4% in 2021, explaining that the city, with its warm climate, benefited from strong buyer demand thanks to its competitive prices and quality of life.

The improvement was driven by strong demand that exceeded available supply, along with the successful implementation of vaccination programs, the reopening of borders to international travelers, and other effective government measures, according to the report. The report projected that Dubai would see real estate price increases ranging from 4% to 5.9% during 2022.