In the dream city of Dubai, housing is generally considered expensive. Never the less certain communities are more privileged as they are cynosure of those seeking to live there at least as renters. So the most searched location is Dubai Marina for rental apartments. This has been stated by a leading property portal in its recent report.
The rentals market is under the impact of a new decree issued by Dubai ruler Sheikh Mohammad Bin Rashid Al Maktoum, which states that rent rises take effect when a property goes below 11 percent of the market rate in an area.
If the value depression is 11- 20 percent compared to the the average rent of a similar property then the rent must be increased 5 percent and the maximum must be 10 percent if the market value crashes between 21 to 30 percent.
Top Ten for Rentals
In terms of the preference for rentals there is high demand for Jumeirah Village Circle which moved to the 7th position from the previous 12th position. Under the latest rankings the Top 10 rental locations in Dubai are
- Dubai Marina
- Jumeirah Lake Towers
- Downtown Dubai
- Palm Jumeirah
- The Springs
- Dubai Sports City
- Jumeirah Village Circle
- Jumeirah Beach Residence
- International City
Buy and Sell
Over all the broad recovery in the residential market is pushing up sale prices and rentals in most areas including mid-market communities like Dubailand, Jumeirah Village Circle and Dubai Sports City.
If the property for sale in Dubai happens to be in Dubai Marina or Down Town it becomes hot and sought after as western expatriates are ready to grab it. Dubai Marina excels with the charm of unspoiled private marina and the waterfront capturing the scenic views of sweeping sea views and small-town charm. It is ideal for a vacation-like lifestyle for businessmen as well leisure seeking sophisticated expats.
The growth in demand and soaring property value clearly indicates that Dubai’s property market has rebounded and prices are increasing 20 per cent despite new projects coming up practically every fortnight.
To buy property in Dubai means making the future secure as real estate demand will shoot up in the years to come thanks to the Expo 2020. So, all those wishing to put money in assets like home, office or villas will be making perfect sense at the investment front.