People flock to Dubai; Rising rental rates

People flock to Dubai; Rising rental rates
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Dubai: Due to the introduction of new visa types and simplified rules, rents have risen as more people move to Dubai. Key areas see a 25% increase in rents. In the low-rent areas like Deira, Jumeirah Village and Dubai Sports City, rents have doubled. Dubai Marina, Jumeirah Beach Residence, and Jumeirah Lake Towers had the highest elevations. According to regional data, Dubai’s rents could reach the same level as last year if this trend continues. The Dubai Marina saw an increase of 25% over the same period last.

The Palm Jumeirah Beach Residence, Jumeirah Beach Residence, and Jumeirah Lake Towers saw their rents rise 22% and 21% respectively, while the Jumeirah Village Circle Circle and Greens saw theirs go up 21%. The rate increases in Daira, Jumeirah Village and Dubai Sports City were 11%, 15%, and 21% respectively. In the past, rates increased from the middle to top. But this time, people are flocking in search for work and even the cheapest areas are experiencing a sharp increase.

Dubai’s population will increase by 1 million in 2020. Dubai’s population surpassed 35 million for the first time in April. According to those in the sector, rates will rise.

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