Dubai’s Three “Best Areas to Live” Have Rent Increases Of Up To 24%

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  • 9 months ago
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Best Areas to Live Dubai

Rents For Villas And Apartments In The Most Populated Areas Are Made Public.

The most sought-after communities in Dubai for residence in 2022 will be Downtown Dubai, Dubai Marina, and Business Bay due to their dynamism and distinctive lifestyle options. The other most frequently searched areas in the emirate are Jumeirah Village Circle, Palm Jumeirah, and Jumeirah Lake Towers, according to the most recent data from Property Finder.

“Dubai Marina remains one of the most vibrant communities in the emirate, featuring something for everyone.” Especially for those seeking to combine an urban and waterfront lifestyle with the best that the city has to offer. The city also has stunning skyscrapers, hosts many events, and is teeming with attractions, leisure, and entertainment options.

Not to mention the beach and Jumeirah Beach Residence (JBR), which are nearby, according to the top real estate marketplace. Burj Khalifa and The Dubai Mall are located Downtown, which makes them a top choice for homebuyers and renters. Thanks to their excellent connectivity, pedestrianized walkways, and the best nightlife and dining options in the city.

Simply put, Business Bay is one of Dubai‘s most important residential, commercial, as well as business hubs. It is close to Downtown Dubai and is easily accessible via major roads from throughout the emirate. Additionally, it is served by two metro stations, a variety of bus routes, and water taxis. “It’s no surprise that these three areas are continuously among the most sought-after in Dubai.” As each has different qualities and appeals to both residents and investors,” the statement read.

The Biggest Rise in Rental Rates

However, Downtown, Dubai Marina, and Business Bay have seen the biggest increase in rentals in 2nd quarter of this year. Just because of the high demand and their ubiquity.

According to the second-quarter report Business Bay, Downtown, and Dubai Marina have all increased by 23%, 24%, and 21%, respectively. In the most recent quarter, it represented the largest growth among all the mid- to high-end areas of the emirate. A three-bedroom apartment Downtown can be rented for Dh300000, while a studio in Dubai Marina starts at Dh40000.

The most popular neighborhoods in the emirate for villa/townhouses, according to Property Finder data, are Palm Jumeirah, Arabian Ranches, Dubai Hills Estate, Mohamed bin Rashid City, Damac Hills (Akoya by Damac), and Dubai Land.

Rentals in the villa/townhouse category increased significantly in all three areas in the second quarter in response to demand. Arabian Ranches, Palm Jumeirah, and Dubai Hills Estate all saw increases in rental prices of 42%, 41%, and 30%, respectively.

Leases Are Still Effective

The emirate’s real estate has been experiencing frenzied activity because of the persistently high demand for residential leases. Which in July 2022 accounted for 72.97% of all rental leases, an increase of 5.67% from June 2022. Additionally, 7,092 sales transactions totaling Dh21 billion were made in July 2022. In July, the emirate recorded 42,698 rental leases, with new leases accounting for 56.04% of those, and renewals for 43.96%.

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