Demand for one-bedroom apartments in Dubai outstrips supply
Tenants on Dubai have revealed increasing difficulty in finding one-room and one-bedroom apartment units in the emirate, where prices for such accommodations have skyrocketed out of the range of many investors and apartment seekers.
Whereas in the past, the range for such living quarters was in the range of some Dh25,000 to Dh45,000 per annum, such prices are no longer attainable, according to local industry sources.
Many local real estate agencies, including Better Homes, for instance, are overwhelmed with soaring demand for such units, and are not able to keep up with tenant requests as a result of the lack of such apartments in the emirate, according to Khaleej Times. Approximately two-thirds of calls received by the agency's leasing division are from customers looking for low-cost studios or one-bedroom apartments.
"At the moment, these types of property are like gold dust; we completely understand our clients' frustrations, but this is a problem that is plaguing all of Dubai for sometime now," said director of Beterr Homes' leasing, Marcelle Zaher.
Average rental prices for one-bedroom accommodations in Dubai having increased by more than 25 per cent this year, a fact that has not lowered demand for such apartments.
"We'd kindly ask our clients to bear with us until the market shows signs of easing up , which is expected by early next year," Zaher added.