Categories
Uncategorized

Revealed: Dubai's most affordable and expensive areas to rent an apartment – Khaleej Times

Tuesday, Jan 11, 2022 | Jamada Al-Aakhirah 8, 1443
Published: Mon 10 Jan 2022, 11:50 AM
Last updated: Mon 10 Jan 2022, 1:54 PM
Jumeirah Village Circle (JVC), Al Nahda, Mirdif, Dubai Silicon Oasis and Akoya Oxygen were the most popular areas in Dubai to rent apartments in the affordable segment, said a new report released on Monday.
A study released by Zoom Property on Monday said JVC recorded an increase of 1.44 per cent, 1.29 per cent, and 4.76 per cent in the rental values of studios, 1-bedroom apartments and 2-bedroom apartments, respectively, in the third quarter of last year.
While rentals in the areas located close to the Expo 2020 site such as Dubai South also picked up pace because of the six-month-long global fair during the last quarter.
High demand for affordable villas was also noted in Mirdif followed by Akoya Oxygen and JVC. Reem and Dubai South also reported an increase in rental values.
“The return of foreign investors and efficient handling of the pandemic are some of the major reasons that led to the strong recovery in the rental market. The onset of Expo 2020 Dubai that’s attracting visitors from across the globe has also played a major role in boosting the property market,” said Ata Shobeiry, CEO at Zoom Property.
Real estate consultancy ValuStrat said 2021 performed better than forecasts as sales transactions broke previous records and capital values mostly reached pre-pandemic levels. It projected that 2022 will continue to see citywide price and rent increases, but at lower, healthier growth rates due to supportive economic reforms and an accelerated vaccine programme.
According to Zoom Property, Dubai Marina, Downtown. Jumeirah Beach Residence (JBR), Palm Jumeirah and Al Barsha were the most popular areas in the high-end category in 2021.
For the luxury villa category, most of the Dubai tenants preferred the Jumeirah area while Al Barsha, Umm Suqeim, Dubai Hills Estate, and Arabian Ranches remained other popular choices.
ALSO READ:
The study said that rents continued to increase for both apartments and villas last year, recording a three per cent rise in apartments and over 20 per cent in villas on average last year due to strong demand for larger houses after the outbreak of the Covid-19 pandemic. Rentals went up to 40 per cent in some of the popular areas such as Dubai Hills and Arabian Ranches due to high demand.
[email protected]
Be in the know. Get the latest breaking news delivered straight to your inbox.
Property
Transactions in 11 months reach Dh135.4 billion; Expo 2020 Dubai continues to have a positive impact on different sectors of Dubai.
Property1 month ago
Property
Pakistan property sector will grow substantially due to the government support, effective policies, availability of mortgage and various financing options.
Property1 month ago
Property
Property consultants believe that a combination of favourable factors has been propelling the market to such a remarkable level of buoyancy
Property1 month ago
Property
Realty consultancies expect rentals to continue to rise in early 2022
Property1 month ago
Property
This year 23 units at the Bulgari Resorts & Residences were sold for Dh649 million
Property1 month ago
Property
Price appreciation will continue in 2022 but at a slower pace as appetite for Dubai properties grows
Property1 month ago
Property
Though property prices in major Indian cities have more or less stayed the same, people's income levels have gone up
Property1 month ago
Property
The plot has an estimated total build-up area of 2.2 million sqft.
Property1 month ago

source

Leave a Reply

Your email address will not be published.