Dubai: Fear of eviction, rising rents push residents to buy properties

Dubai: Fear of eviction, rising rents push residents to buy properties

The emirate’s real estate saw its unprecedented run that started after the pandemic continued unabated this year as well

Published: Thu 27 Apr 2023, 10:45 AM Last updated: Thu 27 Apr 2023, 11:11 AM

Tenants in Dubai are increasingly looking to buy properties as they fear receiving eviction notices from landlords due to the rise in rentals, said Richard Waind, group managing director, Betterhomes.

According to Betterhomes’ first-quarter 2023 report, the supply of new residential units remains tight in both sales and rental markets, which means little relief from rentals for tenants and price increases for buyers.

“Rising rents and the fear of receiving an eviction notice are increasingly being cited by residents as the main reasons to get on the property ladder,” Waind wrote in a foreword to the report.

The emirate’s real estate saw its unprecedented run that started after the pandemic continued unabated this year as well.

According to official figures announced this month, Dubai real estate transactions jumped 80 per cent to Dh157 billion in the first quarter of 2023 as compared to Dh87 billion in the same period last year. The number of transactions also grew by 49 per cent from 26,066 to 38,715 during the comparative period while sales value