Dubai’s soaring rents force many to seek alternate accommodations
A growing number of Dubai residents, especially expatriates, are being forced to relocate to neighboring areas of Sharjah and Ajman as a result of skyrocketing costs of living such as housing unit rents and the cost of goods and services.
Consequently, many Dubai officials have publicly promised to deal with the increasingly problematic issue and bring down of the costs of rent in the emirate, according to KUNA. Such promises, however, have reportedly yet to be met, with rents continuing to rise and making it nearly impossible for many to finds affordable homes to rent.
Many industry analysts maintain that a rising number of expatriates living in Dubai have been forced to send their families back home to save on costs of living, while living in bachelor accommodations or sharing houses to save money. A staggering 79 percent of residents in the UAE are expatriates.
Rental costs of a one room living unit, according to a recent study conducted by the Asteco real estate company, showed that rental costs of one room home units have gone up in Dubai, Abu Dhabi and Sharjah by 29, 33 and 20 percent respectively in comparison to last year. The Greens recorded the highest increase in rents for two and three-bedroom apartments with rents at around UAE Dirhams 125,000 and UAE Dirhams 145,000, a 74 per cent and 53 per cent increase over last years prices respectively.
© 2006 Mena Report (www.menareport.com)
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