Last Updated on: 25th July 2023, 07:22 am
Property Rents in Dubai Hit An All-Time High After The Recent Surge
Existing tenants in Dubai continue to face a significant increase in their annual rents. Last year, rent in Dubai increased by almost 27% compared to last year. Median rental prices for apartments and villas have increased by 21% and 37% respectively in 2022.
Now tenants are again complaining about exorbitant rent increases. A Dubai resident who has been living in a three-bedroom apartment for a decade revealed that the rent has risen by 20%.
This increase in rents is due to increasing demand for housing in Jumeirah, Dubai Hills Estate, Arabian Ranches, and Mohammed bin Rashid City.
The aforementioned areas offer a unique living experience, which is why people have been drawn there. People can find the most affordable accommodations in Dubai Marina, Mohammed Bin Rashid City, Jumeirah Village Triangle, Al Khail Heights, and Dubai Port.
According to industry experts, the increasing demand for rental accommodation in Dubai is due to several new policies that have been implemented in recent months.
These policies include the significant expansion of the Golden Visa Program, as well as the introduction of a new five-year green residency permit. These reforms were widely accepted and will shape the landscape of the home for years to come.
Also Read: UAE Issues Up To 92% Discounts On Various Business Services
