Expansion In Renting In Dubai From Oct-March

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Expansion In Renting In Dubai From Oct-March

• https//realestategcc.quora.com/Expansion-In-Renti
  ng-In-Dubai-From-Oct-March

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• The current buzz in Dubai's post-pandemic
  residential property market has been about the
  villa and townhouse sales, with prices soaring as
  families who have endured lockdown seek larger
  homes a trend that is also evident in rental
  properties.
• However, it comes as no surprise that
  residential apartments for rent in Dubai have
  seen an on-going rise since October due to the
  Expo 2020. In this blog, well go over the
  current market for renters and why the rent in
  Dubai is skyrocketing.

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Renting Trends During The Past Expo Bids

• According to data from ValuStrat, landlords of
  villas are demanding bigger rent increases than
  apartment owners, although the hikes are not yet
  on the magnitude experienced during the Expo bid.
• In 2013, as a result of Dubai's candidacy for
  the Expo, asking rents climbed by 50 in less
  than a year. Following that, landlords saw their
  rental revenue fall by half from its high, with
  apartment rentals falling by 62 and villa rents
  falling by 40, according to Haider Tuima, head
  of real estate research.

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The Rising Demand For Villas Over Apartments

• Much of the exuberance was already factored in
  when Dubai was given the chance to host the World
  Expo, and the pandemic has plausibly dampened any
  big second 'Expo-bounce.
• Villa rental prices continue to rise, while
  apartment rents remain stagnant. Whereas
  apartment lease rates are steadily improving,
  they remain 5.3 percent lower than last year at
  this time, while villa leasing prices are about
  15 higher than last Autumn and increased by 4.5
  percent in Q3 alone, according to a recent
  survey.

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Premium Neighbourhoods Charge Premium Pricing

• Rents have increased in prominent apartment
  neighborhoods such as Dubai Marina, Jumeirah
  Beach Residence, and Downtown Dubai, as well as
  villa and townhouse complexes, according to
  Lynnette Sacchetto, director of research and
  analytics at Property Finder. Sacchetto
  anticipates that prices for villas and townhouses
  will continue to rise.
• It is also anticipated that landlords may only
  raise the rent in accordance with the RERA rent
  calculator, which permits increases of up to 20
  with 90 days notice prior to the end of a lease.

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Impact of the Expo On Short Term Rentals

• Dubai's short-term rental industry is seeing
  increased demand as a result of Expo 2020.
  However, the category has the potential to become
  saturated, and the following six months will
  disclose the supply-demand balance.
• This has resulted in landlords raising rents as
  they may be responding to local price hikes or
  contemplating selling or converting to short-term
  leases.

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Conclusion

• All of these trends and analysis just goes to
  prove that the current renting market in Dubai is
  challenging. So, if youre looking for a property
  for rent in Dubai, its crucial to find the right
  one that fits within your budget. At Al Manal, we
  have a team of experts to guide you, enabling you
  to find your ideal rental property, regardless of
  the challenges on the market. So, contact our
  team today!
• This article is originally appeared on -
  https//realestategcc.quora.com/Expansion-In-Renti
  ng-In-Dubai-From-Oct-March