People flock to Dubai; Rising rental rates

Dubai is witnessing  a massive hike in rents.Due to the introduction of new types of visas and simplified rules, rent has increased as more people move to Dubai. Key areas see a 25% increase in rent. In less-occupied areas such as Deira, Jumeirah Village and Dubai Sports City, employment has doubled. Dubai Marina, Jumeirah Beach Residence, and Jumeirah Lake Towers had very high rents.

Most of the demand for this rental property is in the middle to top segment but the constant demand for rental space is now shifting to less expensive areas and continuous economic reforms and visas are attracting new professionals and people with very high qualification. According to the latest data from the Dubai Statistics Center, Dubai’s population has increased by more than 100,000 since 2020, exceeding 3.5 million marks in April for the first time.

Palm Jumeirah Beach Residence, Jumeirah Beach Residence, and Jumeirah Lake Towers saw their rent increase by 22% and 21% respectively, while Jumeirah Village Circle and Greens saw a 21% increase. The rate increases in Daira, Jumeirah Village and Dubai Sports City were 11%, 15%, and 21% respectively. In the past,rents were increased from the middle to the top. But this time, people are in search of work and the cheapest places are experiencing huge increases.

The population of Dubai will increase by 1 million by 2020. Dubai’s population exceeded 35 million for the first time in April.