Khaleej Times, Tuesday, Aug 30, 2022 | Safar 3, 1444
Dubai: Rents increase by up to 24% in 3 'best areas to live'
Emirates: Dubai Marina, Downtown Dubai and
Business Bay are the most popular areas for residence in Dubai in 2022 for their
vibrancy and unique lifestyle offerings.
According to Property Finder’s latest data, Palm Jumeirah, Jumeirah Village
Circle, and Jumeirah Lake Towers are the other top searched areas in the
“Dubai Marina remains one of the most vibrant areas in the emirate, where
there’s everything for everyone, mainly for those who are looking to enjoy the
best the city has to offer combining the urban and waterfront lifestyle.
Additionally, the city features beautiful skyscrapers and hosts lots of
activities and is bustling with attractions, leisure and entertainment options.
Not to forget Jumeirah Beach Residence (JBR) and the Beach which are in close
proximity,” says the leading real estate marketplace.
Downtown, which is home to Burj Khalifa and The Dubai Mall, makes it a top
choice for property buyers and rentals for its great connectivity,
pedestrian-friendly walkways and the city’s finest dining and nightlife venues.
Business Bay is simply one of Dubai’s key residential, commercial, and business
hubs, and in proximity to Downtown Dubai, with ease of transport as it is
accessible from key roads from the emirate and serviced by two metro stations, a
range of bus routes, and water taxis.
“It's not strange that the three areas are always among the top desirable areas
in Dubai, as each possesses different attributes and is appealing to residents
and investors alike,” it said.
The biggest increase in rentals
But due to the strong demand and their popularity, Dubai Marina, Downtown and
Business Bay have witnessed the biggest increase in rentals in the second
quarter of this year.
Based on the real estate management firm Asteco’s second-quarter report, Dubai
Marina, Downtown and Business Bay have seen an increase of 23 per cent, 24 per
cent and 21 per cent, respectively. It was the biggest increase among all the
mid to high-end areas of the emirate in the last quarter.
Rentals in these three areas begin from Dh40,000 for a studio in Dubai Marina
and go up to Dh300,000 for a three-bedroom unit in Downtown.
Meanwhile, Property Finder data showed Dubai Hills Estate, Palm Jumeirah,
Arabian Ranches, Damac Hills (Akoya by Damac), Mohamed bin Rashid City and Dubai
Land emerging as the most popular areas for villa/townhouses in the emirate.
In line with demand, the three areas saw a high increase in rentals in the
second quarter in the villa/townhouse category. Rentals in Dubai Hills Estate,
Palm Jumeirah and Arabian Ranches jumped 42 per cent, 41 per cent and 30 per
Leases going strong
The emirate’s real estate has been witnessing hectic activity as the demand for
residential leases continues to remain strong, representing 72.97 per cent of
total rental leases in July, an increase of 5.67 per cent compared to June 2022.
July 2022 also recorded 7,092 total sales transactions worth Dh21 billion. the
emirate registered 42,698 rental leases in July of which 56.04 per cent were new
leases, and 43.96 per cent were renewals.