Jumeirah Village Circle (JVC), Al Nahda, Mirdif, Dubai Silicon Oasis and Akoya Oxygen have become the most popular areas of Dubai for renting apartments in the affordable segment.
A study published by Zoom Property on Monday said that in the third quarter of last year there was an increase in the cost of renting studios, one-bedroom and two-bedroom apartments by 1.44%, 1.29% and 4.76%.
While rentals in areas close to Expo-2020, such as Dubai South, have also gained momentum due to the six-month global exhibition in the last quarter. High demand for affordable villas was also noted in Mirdif, followed by Akoya Oxygen and JVC. Reem and Dubai South also reported an increase in rental costs.
«The return of foreign investors and the effective response to the pandemic are among the main reasons that led to a strong recovery in the rental market», said Ata Shobeiri, CEO of Zoom Property.
ValuStrat, a real estate consultant, said that the figures for 2021 exceeded forecasts, as the purchase and sale transactions broke previous records, and the cost of capital mostly reached pre-pandemic levels.