In Dubai, rents in JVC, Creek Harbour soar alongside those at Palm, Marina and Downtown in 2022

In Dubai, rents in JVC, Creek Harbour soar alongside those at Palm, Marina and Downtown in 2022

Dubai: New residents in Dubai are starting to find that locations such as Jumeirah Village Circle and Dubai Creek Harbour are no longer as affordable on rents as they might have thought. At JVC, across 2022, rents are higher by 10 per cent, which is despite new homes being delivered right through this period. This means a two-bedroom apartment at JVC – until now one of the most accessible residential districts – comes with a rental upwards of Dh70,000 annually and well over Dh80,000 for brand new homes. The same is happening at Dubai Creek Harbour, with the high-rise cluster finally seeing some heavy movements on the rent side. According to data from DXBInteract.com. the mid-to-upscale apartments there have gone through a 23.3 per cent rent increase in 2022, which means a two-bedroom is now at Dh150,000 plus for a year on average. “These locations – along with MBR City - still provide a much lower entry point rent-wise for newcomers to Dubai,” said Firas Al Msaddi, CEO of fam Properties. “Because, elsewhere, they will be looking at a 29.2 per cent increase on the Palm Jumeirah, 27.8 per cent for Downtown Dubai, and 28 per cent in Dubai Marina.