- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:33 05:50 12:21 15:48 18:46 20:03
Fifty-one per cent of respondents favoured properties near retail shopping malls followed by those close to beaches, public parks and mosques, the survey said. (Shutterstock)
Nearly 75 per cent of Dubai residents plan to move to new homes on lease renewal due to rent hikes, according to a survey released today.
The results of the survey, conducted by Dubai-based website movesouq.com, showed that as many as 84 per cent claimed rent increase during 2014.
It said nearly 36 per cent of emirate’s respondents experienced an increase between 1 to 10 per cent in their rent expenses, and 48 per cent of emirate’s residents faced a rent increase of more than 10 per cent.
Furthermore, the survey showed that 65 per cent of all respondents plan to move to a new home upon their next lease renewal. As would be expected, the ratio was higher among those groups who have faced a higher rate of rent increase, whereby 75 per cent of the respondents who faced more than a 10 per cent increase in rent are planning to move.
MoveSouq.com CEO Bana Shomali said: "The latest results of our survey are reflective of the overall price increases that Dubai residents faced during late 2013 and early 2014. It would be interesting to see how these trends change over time given the current stabilization in housing prices."
The findings of the survey are in line with the results of a recent poll conducted by the Emirates 24l7 and figures released by Reidin about the emirate’s rental market earlier this week.
According to Emirates 24l7 poll, about 53 per cent of respondents claimed that their 'rents were rising'.
"My rent has gone up by five per cent. I am fine with it and consider myself lucky as my landlord followed the regulations laid by the Dubai authorities," said Serena S, a reader.
According to Reidin figures, rents in Dubai’s residential market increased by 0.8 points month-on-month, from 103.7 to 104.5, representing an increase of 0.78 per cent in September 2014. On the other hand, rental prices increased 19.8 per cent year-on-year.
Apartment rental in Dubai increased 0.93 per cent month-on-month and 22.5 per cent year-on-year, Reidin said in its September update.
Villa rentals also registered an increase in September 2014, rising 0.02 per cent m-o-m and increased 7.9 per cent y-o-y.
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