Whether you’ve been struggling to keep up with your current rent or worried you’ll be priced out of your favourite area, we might have some good news for you.
According to realtors in the city, rent for apartments has dropped by 13 per cent, while the market for villas has seen a 10 per cent drop. Not all believe that the drop has much to do with the ongoing global pandemic, but more so with the fact that the market is saturated with new homes.
Experts are also awaiting an additional 16,400 ready residential units to be introduced into the rental space, which could drive down the prices even further.
To put it simply, the supply outweighs the demand so if you’re on a lookout for a good deal, this could be your chance to find an amazing space at a fraction of it’s original price. It’s also a great opportunity for those who have been dreaming of a villa lifestyle and can now get a beautiful home at a good price.
Sana Faisal, a realty agent with Indus Real Estate, said Dubailand and Dubai Sports City areas, told “In Town Square Dubai, for example, a two-bedroom apartment typically rented for Dh55,000 to Dh58,000 per annum. This has dropped to Dh40,000 to Dh47,000. Three-bedroom apartments were renting from Dh68,000 to Dh72,000. Now they are going for Dh62,000 to Dh64,000 per annum.”
He also told the publication that the most budget-friendly areas to rent right now are International City, Dubai Production City (IMPZ), a few projects in Dubai South and Dubailand (Queue Point and Town Square) and Jumeirah Village Circle (JVC).