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29 March 2024

Dh60,000 for 2-bedroom: What Dubai renters' search for affordable housing reveals

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By Parag Deulgaonkar

Rising rents and prices of residential apartments in established communities with access to Sheikh Zayed Road, are making areas like Dubailand and Dubai Sports City more popular among renters and buyers.

The third quarter report of propertyfinder.ae states that the largest proportion of future stock is expected to be delivered in Dubailand and Dubai Sports City.

The number of people searching for apartments in Dubai Sports City has risen significantly, and the community has jumped seven positions to take 11th position on the website’s most searched rental communities’ list.

DSC was in 18th position for the same period last year.

Two-bedroom apartments in Dubailand are currently being leased for Dh60,000 to Dh80,000 per annum, while lease rates are between Dh70,000 and Dh100,000 pa in Dubai Sports City.

In comparison, rents in upmarket Downtown Dubai ranged between Dh140,000 and Dh350,000 per annum.

The industry view is that secondary locations are improving due to the affordable factor.

Buyers’ search

International City also moved up one place in the list of most searched locations for buying property in, while Jumeirah Village Circle, placed 18th in the first quarter ranking, rose to seventh position.

According to propertyfinder.ae, nearly 3,400 units are being added to Dubai’s residential stock inventory in communities such as Jumeirah Park, Dubailand and Downtown Jebel Ali in the third quarter.

“The residential market is seeing robust recovery in tandem with economic growth, improving demographics, government spending on infrastructure, increasing housing regulation and positive investor sentiment,” says Renan Bourdeau, Managing Director and Partner, propertyfinder.ae.

“With future stock that is expected to hit the market in 2015 also located in emerging neighbourhoods such as Dubai Sports City, Business Bay and Jumeirah Village, demand for sale and rental properties in these communities is likely to continue growing,” he adds.