Dubai: Another change in building rent in the UAE. The rent for most of Dubai’s residential and commercial buildings has returned to pre- Covid levels. Building rents also began to rise as the number of Covid cases dropped in the UAE and the real estate sector revived.
In the last two-and-a-half years since Covid, rents in Dubai have fallen sharply in many areas. In Al Nahda and Karama, the annual rent was reduced from 80,000 dirhams to 60,000 dirhams. In this context, many people from the northern emirates have migrated to Dubai.
As rents began to rise, so did the number of people moving to Dubai from Sharjah and other emirates. Rents have been increased at Deraa, Sports City, Business Bay, Palm Jumeirah, Greens, Discovery Gardens and the International City. People in the area point out that rents are likely to rise further. In most cases, the rent paid to Covid will be the same as before.
Global real estate consultancy Knight Frank’s analysis released on Monday shows that office rent in five of Dubai’s 27 locations has reached pre-Covid levels. Rates for buildings in Abu Dhabi and other emirates have reportedly begun to rise.