Expansion In Renting In Dubai From Oct-March

1. Expansion In Renting In Dubai From Oct-March https://realestategcc.quora.com/Expansion-In-Renting-In-Dubai-From-Oct-March

2. The current buzz in Dubai's post-pandemic residential property market has been about the villa and townhouse sales, with prices soaring as families who have endured lockdown seek larger homes — a trend that is also evident in rental properties. • However, it comes as no surprise that residential apartments for rent in Dubai have seen an on-going rise since October due to the Expo 2020. In this blog, we’ll go over the current market for renters and why the rent in Dubai is skyrocketing.

3. Renting Trends During The Past Expo Bids • According to data from ValuStrat, landlords of villas are demanding bigger rent increases than apartment owners, although the hikes are not yet on the magnitude experienced during the Expo bid. • In 2013, as a result of Dubai's candidacy for the Expo, asking rents climbed by 50% in less than a year. Following that, landlords saw their rental revenue fall by half from its high, with apartment rentals falling by 62% and villa rents falling by 40%, according to Haider Tuima, head of real estate research.

4. The Rising Demand For Villas Over Apartments • Much of the exuberance was already factored in when Dubai was given the chance to host the World Expo, and the pandemic has plausibly dampened any big second 'Expo-bounce’. • Villa rental prices continue to rise, while apartment rents remain stagnant. Whereas apartment lease rates are steadily improving, they remain 5.3 percent lower than last year at this time, while villa leasing prices are about 15% higher than last Autumn and increased by 4.5 percent in Q3 alone, according to a recent survey.

5. Premium Neighbourhoods Charge Premium Pricing • Rents have increased in prominent apartment neighborhoods such as Dubai Marina, Jumeirah Beach Residence, and Downtown Dubai, as well as villa and townhouse complexes, according to Lynnette Sacchetto, director of research and analytics at Property Finder. Sacchetto anticipates that prices for villas and townhouses will continue to rise. • It is also anticipated that landlords may only raise the rent in accordance with the RERA rent calculator, which permits increases of up to 20% with 90 days’ notice prior to the end of a lease.

6. Impact of the Expo On Short Term Rentals • Dubai's short-term rental industry is seeing increased demand as a result of Expo 2020. However, the category has the potential to become saturated, and the following six months will disclose the supply-demand balance. • This has resulted in landlords raising rents as they may be responding to local price hikes or contemplating selling or converting to short-term leases.

7. Conclusion • All of these trends and analysis just goes to prove that the current renting market in Dubai is challenging. So, if you’re looking for a property for rent in Dubai, it’s crucial to find the right one that fits within your budget. At Al Manal, we have a team of experts to guide you, enabling you to find your ideal rental property, regardless of the challenges on the market. So, contact our team today! • This article is originally appeared on - https://realestategcc.quora.com/Expansion-In-Renting-In-Dubai-From-Oct-March