A recent study showed that Dubai residents who need inexpensive homes increasingly prefer properties in Jumeirah Village Circle. This is because the rent in the city grew by 7 – 16%, averaging AED 34,000, AED 48,000, and AED 70,000 for a studio, a one-bedroom apartment, and a two-bedroom apartment respectively.
Besides Jumeirah Village Circle, the demand for rental residential property increased in Al Nahda, Bur Dubai, Business Bay, and Deira. Mirdif, where the rent grew by only 7%, became the district of choice for inexpensive villas.
The rent of 4 and 5-bedroom apartments in DAMAC Hills 2 also increased, while tenants of 3-bedroom apartments still pay as much as they used to. This community experienced slight rent fluctuations of about 5%.
The rent rose because of the growing demand for real estate in both the affordable and the upscale market segment. There were many drastic changes in the first half of 2022. Initiatives of the Emirati Government aimed at attracting foreign investment made Dubai a great choice for investors and immigrants from other countries.
