Moving house in Dubai? Know the best areas to live
For two years until 2022, SN lived with her family of four in an upscale two-bed apartment in Jumeirah Lake Towers for a rent of AED 63000 per annum. Today, rent in the same apartment complex has gone up to AED 110000 pa according to her old neighbours – an almost 50% hike. Since late 2022 she has been living in Al Mina where she pays 78000 for a two-bed plus maid room apartment.
Dubai is on a roll ever since it sent the coronavirus packing. The emirate is seeing a 15 – 30% increase in rents, and real estate agents are upbeat about a boom. This upward spiral in rents has been helped in no small measure by Expo 2020 in Dubai in 2021-22 and FIFA World Cup in neighbouring Qatar late last year. Investors and expatriates are flocking in confident about the stability and security it offers.
Where to rent cheap?
According to Property Finder, the average rental price for apartments in Dubai Marina increased by 31 per cent, while JLT units registered a 16 per cent rise in 2022. A 2-bed apartment is available now for around Dh65,000 in JLT/JVC. Villas in Jumeirah Village Circle went up by 17 per cent, while in Palm Jumeirah, it rose by 30 per cent. Villas in Mirdif are up for Dh130,000 while in Dubai South it is Dh110,000.
People are choosing to rent properties in exclusive communities that offer a wide range of amenities and connectivity to various parts of the city. The Gardens and Discovery Gardens offer great connectivity and transport links. In the former, a 2-bed apartment in an upmarket building is available for Dh80,000.
Demand has spiked for rental units in Jumeirah, Dubai Hills Estate, Arabian Ranches and Mohammed bin Rashid City. Dubai Marina, Mohammed Bin Rashid City, Jumeirah Village Triangle, Al Khail Heights and Dubai Harbour provide the most value-for-money rental units.
But for people on a budget, Al Qusais with its residential cum industrial areas is a good option where one-bed apartments are available for AED 30000 a year, 2-bed for AED 38-42000 and 3-bed for 48000 onwards. Al Nahda Dubai is also available on a similar range while Karama, famous for its eateries and other residential facilities, has marginally higher rents for newer buildings.
According to property portal Bayut, tenants in search of affordable housing also veer towards JVC, Deira, and Bur Dubai for apartments, whereas those interested in villas search in DAMAC Hills 2 and Mirdif. Rents here have gone up by 19%. Another popular location is Dubai Silicon Oasis, which has witnessed a hike in asking rents.
Why are rents shooting up?
The top reasons for the surge is seen to be the country’s Golden Visa programme and the five-year Green residency, prompting more expats to settle down in Dubai. There is also a heightened demand for luxury property as an investment among Europeans and Russians in particular. The increasing foreign investment owing to the country’s conducive atmosphere for investors, flexible policies and world-class facilities are other factors. Dubai is also playing host to big events like World Government Summit while its regular attractions especially in the cooler months are attracting people to the UAE.
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