Surprisingly, two most popular among middle-income tenants Dubai locations — Discovery Gardens and International City couldn’t make it this time to the top 5 most wanted Dubai communities for tenants.
Instead, the top five most sought-after Dubai areas in terms of rents was formed by elite locations of Dubai Marina, Jumeirah Lakes Towers (JLT), Bur Dubai, Downtown Dubai, as well as more democratic Dubai Silicon Oasis.
However, the demand for rent has increased significantly in October both in Discovery Gardens and International City too. The number of search hits for these locations on Bayut search portal increased by 73% and 71% in October, respectively. Apartment rentals, according to Bayut, saw an average upward trend of 1.07%, while the average rental yields in the apartment rental segment alone increased to 7.3%.
“While prices adjust to inflationary gains in the past, there has been no stopping the upward growth of Dubai’s rental segment. This has primarily been a result of a rise in working population that is demanding rental units by the hundreds,” Bayut said in a statement.
Bayut data reliability concerning the top five Dubai areas for rent is confirmed by other statistics. Movesouq, a comparison site for moving and storage companies, has conducted an analysis of requests showing that tenants most often seek to move into such areas as Dubai Marina (including Jumeirah Beach Residence), Jumeirah Village, Downtown Dubai and DIFC Area, Dubailand and Emirates Hills (including Lakes, Meadows and Springs.)
“Now that the exaggerated news of (25,000) unit oversupply in Dubai’s market put to rest for good, developers are sure to get focused on finishing off projects at hand. Investors who watched the action from the side-lines for months will likely be encouraged to test the realty waters,” Bayut said.