According to a new report released on Monday, the most popular areas in Dubai to rent apartments in the affordable segment were Jumeirah Village Circle (JVC), Al Nahda, Mirdif, Dubai Silicon Oasis, and Akoya Oxygen.
According to a Zoom Property study released on Monday, JVC increased the rental values of studios, 1-bedroom apartments, and 2-bedroom apartments by 1.44 percent, 1.29 percent, and 4.76 percent, respectively, in the third quarter of last year.
Rentals in areas near the Expo 2020 site, such as Dubai South, increased in the fourth quarter due to the six-month-long global fair.
Mirdif, Akoya Oxygen, and JVC all reported high demand for affordable villas. Rental values in Reem and Dubai South have also risen.
Foreign investors and Expo 2020 have both played significant roles in stimulating the rental market. According to real estate consultancy ValuStrat, 2021 outperformed forecasts, with sales transactions breaking previous records.
Dubai Marina, Downtown, according to Zoom Property. In 2021, the most popular high-end areas were Jumeirah Beach Residence (JBR), Palm Jumeirah, and Al Barsha.
Most Dubai tenants preferred the Jumeirah area for luxury villas, while Al Barsha, Umm Suqeim, Dubai Hills Estate, and Arabian Ranches were also popular choices.
According to the study, rents for both apartments and villas continued to rise last year, with a 3% increase in apartments and a 20% increase in villas on average, due to strong demand for larger houses following the outbreak of the COVID-19 pandemic. Due to high demand, rental rates in popular areas such as Dubai Hills and Arabian Ranches increased by up to 40%.
Source: Khaleej Times