Despite the average increase in rental prices, certain areas in Dubai will continue to attract tenants because of low rents and high demand in the market following strong economic activity in the emirate.
According to Zoom Property Insights, the average rent of villas in Dubai crossed Dh268,000 while apartment rents hit Dh90,000 last year. It is expected that a similar trend will continue this year, the Insights data says.
Ata Shobeiry, CEO of Zoom Property, believes that the high influx of expatriates moving to Dubai is a major factor that is driving the rental market.
“The number of people shifting their base in Dubai to seek employment and entrepreneurship along with an upscale lifestyle is rising with every passing day. This has led to demand for rental properties and a subsequent rise in the average rent. Still, there are some areas where tenants can find affordable housing options,”
Affordable areas to rent apartments
According to Zoom Property Insights, International City is the most affordable area to rent properties in Dubai, with average rent falling between Dh19,000 and Dh55,000.
Dubai Silicon Oasis is another area renters prefer for low rents as the average rent here ranges from Dh25,000 to Dh52,000 and Dh32,000 and Dh68,000 for studios and 1-bedroom apartments, respectively.
Bur Dubai, with an average rent of Dh20,000 – Dh60,000 for studios and Dh36,000 – Dh30,000 for 1-bed apartments is another popular area for affordable housing in Dubai.
News Source: Khaleej Times