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. Jumeirah Beach Residence (JBR), Palm Jumeirah and Al Barsha 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. It recorded a nominal 3% hike in apartment rental rates and a healthy 20%-plus average hike for villas as tenants preferred big space 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 per cent due to high demand for destinations such as Dubai Hills Estate and Arabian Ranches.
According to Mr Ata Shobeiry, CEO at Zoom Property, “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”.
JVC & Dubai Marina – Leading the Apartment Market
For affordable apartments, JVC remained a most popular choice of tenants in Dubai last year as it offered an amazing lifestyle with state-of-the-art facilities. Being a renowned family-friendly community, it witnessed an increase in average rent and demand. During the third quarter, JVC reported an increase of 1.44 per cent, 1.29 per cent, and 4.76 per cent in the rental values of studios, 1-bedroom apartments and 2-bedroom apartments, respectively.
Al Nahda, Dubai Silicon Oasis, and Bur Dubai are other communities that tenants preferred to rent properties in the emirate. During the last quarter, the areas located close to the Expo 2020 site also picked up pace because of the six-month long global fair.
For luxury apartments, Dubai Marina occupied the top spot during 2021. Downtown Dubai, Palm Jumeirah, and JBR were other popular areas in the luxury category.
Mirdif & Jumeirah – Preferred Choices for Rental Villas
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 of the Dubai tenants preferred 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.