Property Finder’s recent data suggests that the average rental price for apartments in Dubai Marina increased by 31 per cent, while Jumeirah Lake Towers units registered a 16 per cent rise.
This spike in rent is supported by high demand across Jumeirah, Dubai Hills Estate, Arabian Ranches and Mohammed bin Rashid City. People were more inclined to renting properties that were nestled within the realms of exclusive communities, offering a wide range of amenities, as well as connectivity to various parts of the city.
Property Finder suggested these areas for the most value-for-money rental units: Dubai Marina, Mohammed Bin Rashid City, Jumeirah Village Triangle, Al Khail Heights and Dubai Harbour.
New residency and visa policies are among the top reasons for the increase in demand. A significantly-expanded Golden Visa scheme and a new five-year Green residency are among the several residency reforms that went into effect last year.
Property Finder listed other reasons for the record increase: A rising demand for luxury property, increased foreign investment, economic diversification and prestigious events “attracting huge amounts of global talent and interest in living in the UAE.”
