Strong recovery in Dubai rental market – GulfToday

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Strong recovery in Dubai rental market – GulfToday

Jumeirah Village Circle (JVC) remained the most popular destination for rental properties in Dubai’s affordable housing segment during 2021, according to Zoom Property Insights. It was followed closely by Al Nahda, Mirdif, Dubai Silicon Oasis and Akoya Oxygen. In the luxury category, the highest number of searches were recorded for Dubai Marina and Downtown Dubai. Jumeirah Beach Residence (JBR), Palm Jumeirah and Al Barsha showed steady performance throughout the year. The Zoom Property Insights noted a steady rise in rents for apartments and healthy growth for villas last year as the UAE continued to recover from the pandemic. It recorded a nominal 3 per cent hike in apartment rental rates and a healthy 20 per cent-plus average hike for villas as tenants preferred big space to create room for remote working. In some of the most popular areas of Dubai, the rent for villas has increased by up to 40 per cent due to high demand for destinations such as Dubai Hills Estate and Arabian Ranches. According to Ata Shobeiry, CEO at Zoom Property, “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