The Number Of Apartments Available For Rent In Dubai Will Increase By More Than 2,200.
The first apartment buildings at “Expo Village” (the location of Expo 2020) are now available in the Dubai real estate market. Moreover, prospective tenants will be hoping to sign up quickly for rental terms that would be on the more affordable side.
Within its four designated residential clusters, the Expo Village will have 2,273 apartments, all of which are available for lease. The Dubai Exhibition Center and the Expo 2020 Metro Station are both nearby. In addition, Savills has been named as the primary leasing agent for the communities.
According to appearances, these apartments will be made available in phases. As expected to be in high demand from people who work in Dubai South or at Expo City. The fact that so many units are entering Dubai’s rental market at a moment. When most other places are experiencing 20–30% rent increases is what matters most. Even so, these units will indeed appeal to people who work at offices in the greater Jebel Ali area. A significant selling point for tenants will be the Metro’s direct access to Expo Village.
Now, brand-new 800-square-foot one-bedroom apartments in Dubai South are listed for about Dh28000 (and with one-month rent-free). The official publication of the Expo Village rentals has not yet occurred, but it is likely that they will be more expensive than similar Dubai South rates.
The Expo Village will, in my opinion, be more expensive than Dubai South for a number of reasons, according to Niraj Masand, Managing Director of Artha Realty. “The fact that these apartments are accessible to the Metro and are rented out. Moreover, managed by the developer is crucial. Additionally, there are plans to furnish them.”
Rents Are Still Stable
To date, Dubai South has not experienced the same types of markups as other mid-market locations in the city. According to the property services company Asteco, rents in neighborhoods like Deira, Discovery Gardens, and Jumeirah Village have increased. Following by 13, 8, and 20% over the past 12 months as of the end of September.
As popular neighborhoods witness buildings undergoing renovations or new ones coming up for lease. It means that a one-bedroom in Deira is currently costing between Dh30000 and Dh55000. The Gold Souk Ext. and the larger Deira Enrichment Project offer new rental options in the particularly active areas near the Deira Corniche.
According to the Asteco report, Jumeirah Village is a popular choice for tenants with middle-class incomes for the majority of the last five years. That has experienced rent increases of 20% on average over the past 12 months to September. This means that a one-bedroom now costs between Dh33000 and Dh60000.
The report continues, “Asteco anticipates rent prices to remain elevated towards the end of the year and into 2023.” Adding that any slowdown in rent increases would only be possible with an overabundance of housing. However, given the rate at which newcomers are being incorporated into Dubai’s resident population. It might take a little time before supply outpaces demand.
The last three quarters have seen an average of about 6,000 new apartment handovers. Expo Village’s apartments are the newest to enter the rental market. Additionally, they are welcome additions.