Dubai rents in for more increases as occupancy levels hit 5-year highs

Dubai rents in for more increases as occupancy levels hit 5-year highs

Dubai: Occupancy levels in Dubai’s rented homes are now at a 5-year high, further adding to the double-digit rental increases the property market has been seeing this year. Increases in the city’s resident base is fuelling this spike, and the only solution would be to have more new-built homes entering the rental market. Check out this data: three of the most prominent locations in Dubai with new and existing residents – Dubai Marina, Business Bay, Downtown Dubai and JLT – have apartment rentals up 18, 11, 19 and 14 per cent at the end of September compared with a year ago, according to the latest market update from Betterhomes. Head to Dubai Hills, and the average increases in rental rates has crossed 30 per cent during the 12 months to September. Other more budget-friendly locations in the city too are going through the same sort of rental gains. “The recent large migration of expats and their families to the UAE continues to impact average rental prices,” said the Betterhomes report. “GEMS Education announced in September that intake in their schools was up 7 per cent year-on-year, which is a great indication of the number of new families now calling Dubai