Dubai property rental can be slightly difficult for the city’s first time residents. The prospect of finding a reasonable place to live, one that fits rental budgets and location requirements is a challenging task, anywhere in the world. In Dubai especially, that task can be daunting. Whether you are searching through the classifieds or meeting with real estate agents, finding a Dubai Property for rent in this booming city is overwhelming.
The city’s population has increased from 862,387 in the year 2000 to the latest estimate of 1.3 million. By the year 2010, the population is expected to nearly double to 2 million, according to The Dubai Ministry of Planning. In contrast to the overflow of people coming to reside in the city, the Dubai property rental market is presently undersupplied. The number of villas and apartments available for rent cannot meet the market’s demand, sending rents skyrocketing to an average of 37%, according to Dubai Municipality statistics.
The shortage of Dubai property for rent has caused a great number of problems for the city’s residents who are at present extremely frustrated and annoyed with the exorbitant cost of living in this city. Sharing apartments seems to be the most feasible thing to do give the markets present situation. Some prefer the option of commuting from neighboring Emirates like Sharjah and Ajman.
The number of housing units is expected to increase by 84,000 over the next three years, once all the Dubai property currently in development stages is completed and ready for occupancy by new homeowners or tenants. While high rents remain an issue with Dubai property rentals, it is only making the case for ownership of property a stronger and more viable option. For Dubai’s current property owners, the rental money their property commands continues to remain rosy and comfortable for the future.
Due to the high demand for Dubai Property rental, investors are clamoring to buy more of the latest and hottest international property. As new residents flock to the city and the population continues to expand, investing in Dubai property rentals is almost a guaranteed return on investment in this growing city.
The rental market in Dubai remains constant and buoyant and renting property was at one time, the only option available to residents of Dubai. For those who need flexibility and “short term” accommodation, leasing continues to provide the most effective residential solution.
With over 20 year’s experience, the Real Estate Specialists continue to find the right property at the right price in the right location. All of these requirements however are becoming more challenging.
Dubai continues to be considered as one of the world’s top most desirable places to live and the demands of the international workforce are very high. This supply in relation to demand has resulted in housing rental prices increasing anywhere from 30% to 100%.
Whilst all properties in Dubai used to be solely owned by local U.A.E. national landlords or G.C.C. landlords, the introduction of freehold and leasehold properties in 2003 has opened the market to foreign ownership and individual landlords. This results in variable prices being charged for the same living option.
All these contributing factors have resulted in a very active, competitive and fast moving market.
