In Dubai, JVC and Al Nahda still rate as most affordable rental locations

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UAE
  • Date: 17-Jan-2022
  • Source: Gulf News
  • Sector: Economy
  • Country: UAE
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In Dubai, JVC and Al Nahda still rate as most affordable rental locations

Dubai: Jumeirah Village Circle and Damac Hills 2 in Dubailand are the most searched for locations for Dubai residents seeking affordable rental options. Apart from these, the established non-freehold districts of Al Nahda, Bur Dubai and Deira remain popular, with apartments there recording declines of up to 12 per cent on the average, says the latest Bayut-dubizzle report. Dubai Silicon Oasis, too, has been popular as a mid-income residential spot. (The only exception to the rental decline are the smaller apartments in Al Nahda.) Tenants in search of affordable properties have mainly focussed on the apartments in JVC and Al Nahda and the villas in Mirdif and Damac Hills 2. High-income tenants mostly searched for units in long-time favourites Dubai Marina and Downtown Dubai for upscale flats, while Jumeirah and Al Barsha have remained the top choices for expensive villas. “It has been an interesting year for the economy of the country, and the contribution of the real estate sector towards this growth is stronger than ever,” said Haider Ali Khan, CEO of Bayut & Dubizzle and the Head of EMPG MENA. Luxury flats in sought-after areas have seen substantial increases in rental costs by up to 26 per cent.

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