People from various countries across the globe have landed in Dubai to make the make a new beginning. They are turning toward this emirate because of its modern infrastructure, massive job opportunities and good places to stay. The one thing that most of these new citizens are looking at is either renting or buying a property in Dubai. Because of the current market condition, you can get property for rent in Dubai at affordable prices without having to compromise of your living conditions or house type.
There are also many expats living in Dubai who are looking at renting and purchasing property. Long time residents are now looking at owning property in Dubai as the real estate sector has predicted a substantial lay off in the year 2015. Dubai properties for rent is still an emerging real estate market, it is likely to experience shorter peaks and troughs than more mature markets. You will see that apartment and villa rental rates have dropped slightly by 2 percent and 3 percent respectively, with sales price also showing a nominal decline at 1 percent and 4 percent respectively.
Places like Discovery Gardens and International City, the most affordable places for rent have seen a 7% increase as of the beginning of 2015. The rents of studio and one bed apartments have come down majorly in these two communities. As per study, the rates might increase in the coming weeks and hence many people are making a beeline to get a property for rent in Dubai. Rents in Downtown Dubai and Jumeirah Lake towers remained stable whereas Palm Jumeirah registered a three per cent increase quarter-on-quarter due to restricted supply and growing demand.
Villas in Dubai are a great property to own currently due to the prices stabilization. Villas registered an average overall three per cent decline in prices with the Springs declining by eight per cent while Arabian Ranches and Mirdif both down by five per cent. Apartment and villa rental rates dropped slightly but will soon increase. Residential house prices have also decreased a little and hence people are buying property in Dubai. Billions of dollars worth of government real estate projects have triggered a buying frenzy amongst people. According to recent analysis many tenants may now be able to purchase a property similar to the one they are renting.
For the first time since 2012 Dubai has both residential rental rates and sales prices decline as a result of a natural adjustment to on-going new supply entering the market. With the government spending huge amounts on development and infrastructure projects, real estate is on a roll in terms of demand and supply. It’s a wait and watch scenario for properties for rent in Dubai as the prices may soften further due to the new additions in the market.