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 while Jumeirah Beach Residence (JBR), Palm Jumeirah and Al Barsha also 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.
The market recorded a nominal 3 percent hike in apartment rental rates and a healthy 20 percent-plus average hike for villas as tenants preferred larger spaces 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 percent due to high demand for destinations such as Dubai Hills Estate and Arabian Ranches, the report added.
Ata Shobeiry, CEO at Zoom Property, said: “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 market. The onset of Expo 2020 Dubai that’s attracting visitors from across the globe has also played a major role in boosting the property market.”
For affordable apartments, JVC reported an increase of 1.44 percent, 1.29 percent, and 4.76 percent in the rental values of studios, 1-bedroom apartments and 2-bedroom apartments, respectively during the third quarter of 2021.
During the last quarter of 2021, the areas located close to the Expo 2020 site also picked up pace because of the six-month long global fair.
High demand for affordable villas was noted in Mirdif followed by Akoya Oxygen and JVC. Reem and Dubai South also reported an increase in rental values.
In terms of luxury villas, most Dubai tenants preferred the Jumeirah area while Al Barsha, Umm Suqeim, Dubai Hills Estate, and Arabian Ranches remained other popular choices. All these areas reported a significant growth in terms of rental value and demand, according to Zoom Property Insights.
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