House rents in Dubai skyrocketing
House rents in Dubai are skyrocketing once again, mainly due to the shortage of new units in the lower to middle-income market segment, real estate officials said.
According to Gulf News, despite the strong growth experienced in the emirate in the construction and real estate sectors in the last four years, the housing problem has been intensified by the influx of new residents. Demand is outpacing supply, pushing rents up, they said.
Dubai's residents complain some landlords are raising rents as much as 40 to 60 per cent, taking advantage of the strong demand.