Over 70% of all searches are for properties under $27,247 annually
Words by: Zoom Property
Dubai’s property sector has witnessed several cycles of ups and downs in the past. But backed by the strong economic fundamentals of the city, the sector has demonstrated its resilience and continues to offer value for investors.
Today, with the ongoing preparations for the Expo 2020 Dubai and the growth in touristic activity and retail boosting the economy, the property sector is once again in the spotlight – and this time, there is more good news for tenants.
The increase in the supply of residential supply has shifted the market dynamics to be buyer-oriented with rents falling across most key locations and more choices now available for tenants, reports Zoom Property, the online property portal, and advertising platform.
Following an in-depth analysis of the rental and price trends in Dubai’s reality based on Zoom Property’s current rental listings, the company states that demand for residences with more affordable rents is gaining strong traction.
“The current dynamics of the real estate market of Dubai is definitely positive news for tenants seeking affordable residential choices in the city,” explains Gary Dalton, Director of Marketing at Zoom Property. “Over 70% of all searches on ZoomProperty.com are for properties under AED 100,000 ($27,247) annually. The increase in supply is helping to meet this demand.”
Over 20% of all the listed rental properties on Zoom Property are under the tenant’s asking price of below AED 100,000. “With one in five of our listed properties available for rents under AED 100,000 customers now have a wider choice for residences in some of the premier locations in the city.”
Narrowing the search to only apartments, the market scenario is even friendlier for tenants seeking an affordable living. “Nearly 46% of the apartments for rent on Zoom Property in Dubai are now available at less than the benchmarked rental of AED 100,000,” added Dalton.
According to research by Zoom Property, the top ten most affordable and best-value locations for rentals that assure spacious accommodation and with a variety of lifestyle amenities in close proximity include: Dubai Studio City, Discovery Gardens, Motor City, Dubai Marina, Jumeirah Lake Towers, Dubai Sports City, Barsha Heights, Dubai Silicon Oasis, Jumeirah Village Triangle and Downtown Dubai.
Dalton added, “We are also seeing increasing numbers of 3 bed-bedroom villas and townhouses coming on the market This means that tenants can now live in family-friendly destinations such as Jumeirah Village Circle, Mirdif, Jumeirah Village Triangle, Town Square Dubai, International City or The Springs for around the AED100,000 mark.”
According to the online portal, the top ten most affordable and best-value locations for rentals that assure spacious accommodation and with a variety of lifestyle amenities in close proximity include: Dubai Studio City, Discovery Gardens, Motor City, Dubai Marina, Jumeirah Lake Towers, Dubai Sports City, Barsha Heights, Dubai Silicon Oasis, Jumeirah Village Triangle, and Downtown Dubai.
“The availability of more properties for rent at affordable prices – which meet the budgets of property hunters customers – is welcome news that will boost Dubai’s property sector,” said Dalton. “Landlords and homeowners must now focus on listing their properties in trusted sites that will help them connect with genuine buyers who seek true value for the price they pay.”