April 18, 2024

Illuzzi Letter

Envisioning And Creating Your Dream Home

Dubai Property Rental Boom

With the growing population of Dubai increasing daily with new businesses starting, finding that home in Dubai has become extremely difficult. With currently around 3000 Dubai properties under construction including many super towers, many companies are finding problems obtaining reasonably priced Dubai properties for people to live in with certain areas of Jumeriah and Dubai Marina being the only places available to rent now. Recently my company was quoted $60,000 for a year’s rent for a 3 bed property for an ordinary guy with a wife and 2 kids, looking to start at new life in Dubai. Many Landlords who got on the property ladder at the beginning of the property boom in Dubai are making fortunes with the rent of the properties that are now ready for occupation.

With new development calls for the office and commercial space this is certainly no exception, likewise rental prices have risen significantly for completed offices and often a bidding war taking place. New commercial releases are being snapped up even though they are overpriced by many investors looking to cash in from this shortage of rental properties.

The cheaper alternative is Ajman, a neighboring emirate. Properties can be found quoting a 25 minute journey time into Dubai , sounds like a great option but with construction traffic and employees commuting to work the road is gridlocked from 5am through to 11.00 am .It is hoped by the locals that the new Metro tram system which comes into operation in 2009 will take some of the traffic off the road, until then if you want rental property be quick because it is certainly a first come first served basis.