As rates for apartment for rent in Dubai surged 50 per cent
while accommodation rental charges grew 20 per cent, according to a recent
report Dubai’s leasing industry grew dramatically in 2013.
As typical rental rates for rentals and apartments increased
22 and six per cent respectively Strong growth was also shown by the emirate’s
residential rents within the last quarter of 2013.
Among villa rentals, Mirdif registered the greatest growth rate
with rents rising by 40 per cent while Arabian Ranches found a 30 per cent
growth in leasing rates.
The statement attributed the surge in rents to continued
unrest in the larger Arab region, Dubai’s prosperous Expo quote and an
expanding economy.
International City registered a 76 per cent year-on-year
increase in rents during Q4 2013 while rents in
Jumeirah Lake Towers increased
50 per cent. Leasing rates in Discovery Gardens likewise grew by 44 percent on
average throughout the period, according to the survey.
The Palm Jumeirah stayed the most expensive spot to rent a
villa, the survey identified. Dubai’s residential sales charges were also up by
60% in 2013, it included.
Sales charges for apartment for rent in Dubai and rentals
rose by 23 percent in Q4 2013 alone, fuelled by improved confidence and the
fact that the newest law controlling maximum loan-to-price percentages was not
being regularly enforced, though money buyers still dominated.
Selling prices of Palm Jumeirah villas became the highest
with prices growing by 67 per cent year-on-year in Q4 2013, followed by
Jumeirah Village Circle, which saved an amount increase of 55 per cent in Q4
2013.
Discovery Gardens registered the greatest rise in condominium
sale prices in the emirate with prices increasing by 83 per cent while Dubai
Marina prices increased by 81 per cent.
“Owner occupiers and investors were eager to enter the
market as hire prices were on an upward trend, which indicated greater results
and possibility of capital appreciation.”
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