According to real estate experts, landlords in reasonably priced neighborhoods, including Northern Emirates, Town Square, and Dubai South, are witnessing an increase in tenant interest.
Both new residents moving to Dubai in quest of better prospects and existing tenants relocating to more cheaper houses in reaction to rising rents are contributing factors to this growing demand.
In terms of relative rental growth, affordable neighborhoods remained in the forefront. Price is a major consideration for many tenants, and this trend highlights the need for “affordable” housing options. As a result, even while interest, occupancy, and rental rates rose for landlords in these regions, potential renters remained extremely price-sensitive. According to property management company Asteco, this could make it difficult to draw in and keep tenants in more premium areas.
Increased rental activity and rent increases in the lower and mid-end segments result from the push to locate more affordable housing options. Affordable neighborhoods in Dubai, like Dubai South, Damac Hills 2, Town Square, and the Northern Emirates, which have lower rents and draw tenants with an increasing number of high-quality developments, better infrastructure, and easier access, benefited from this trend, according to Joughin.
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