If you live in Dubai and mulling moving to a new house, or if you're planning to relocate to one of the world's busiest cities, then you'll be happy to know that Zoom Property has revealed the most affordable and expensive areas in the city to rent an apartment.
According to Zoom Property's recent report, Jumeirah Village Circle (JVC), Al Nahda, Mirdif, Dubai Silicon Oasis and Akoya Oxygen are the most affordable areas in Dubai to rent apartments.
In Zoom Property's study, JVC registered an increase of 1.44 per cent, 1.29 per cent, and 4.76 per cent in the rental values of studios, 1-bedroom apartments and 2-bedroom apartments, respectively, in Q3 2021.
When it comes to affordable villas, the report noted a high demand for those in Mirdif followed by Akoya Oxygen and JVC. Reem and Dubai South also reported an increase in rental values.
“The return of foreign investors and efficient handling of the pandemic are some of the major reasons that led to the strong recovery in the rental market. The onset of Expo 2020 Dubai that’s attracting visitors from across the globe has also played a major role in boosting the property market,” said Ata Shobeiry, CEO at Zoom Property.
On the other hand, Dubai Marina, Downtown. Jumeirah Beach Residence (JBR), Palm Jumeirah and Al Barsha were the most expensive areas in 2021, according Zoom Property's study.
The study stated that rents kept increasing for both apartments and villas in 2021, registering a three per cent increase in apartments and over 20 per cent in villas on average last year due to high demand for larger spaces after the outbreak of the Covid-19 pandemic.
© 2000 - 2022 Al Bawaba (www.albawaba.com)