Turns out something good has come of Covid19...well at least if you live in these rented areas.
Several localities in Dubai have witnessed a significant drop in home rents, and if you’re wondering if your area is in the list, this is just the article for you. According to real estate experts, since 2018 housing rents have fallen 10% year-on-year, and this number is only expected to be higher this year.
Numerous projects in Dubai have seen a drop in residential rent but the biggest drop reported has been in Dubai Land and Dubai Sports City. While Jumeirah Village Circle, International City, communities in Dubai South and Dubai Land (Queue Point and Town Square to be specific) and Dubai Production City (IMPZ) are now the cheapest places to live in Dubai.
Covid19 has not just resulted in a drop in home rents but also a change in home preferences amongst Dubai residents. Since the lockdown, real estate agents now receive more inquiries for “larger outdoor space, garden area, pool” with residents looking to upsize their housing space. While on the other hand, landlords now are more open to the idea of collecting 10-12 cheques from the previous 3-6.
We’re curious, has the rent dropped in your area?