In recent days, there have been a number of significant developments in the real estate sector in Dubai. In particular, the new economic stimulus package introduced by the Crown Prince of Ajman and Chairman of the Executive Council will provide a great deal of relief to businesses and the local community. These measures will help to ensure a better future for Dubai. However, there are still many issues that need to be addressed before the economy can recover. Get more details on the Zoom Property Blog here.
The first big news in the real estate market is the continued rise in prices. Rentals have been soaring by up to 50% in some areas, with young professionals posting ads to rent shared accommodation. The influx of new rental units is likely to result in further price hikes for landlords. While there are many positive aspects to the market, there are also a number of negatives to this situation. During the past five years, the rental prices of Dubai properties have dropped by 30% or more, but now the government has announced a new set of plans to reverse this trend.
The biggest Dubai Property News in Dubai this year revolves around the city's high-end rental market. Despite the fact that there are several developments in the city, renters in the emirate have been hit hard. In fact, the rental market in Dubai has seen an increase of 30% or more in the past year. While the high-end market has grown significantly, the rents have also increased. In some communities, landlords are increasing their rent prices by as much as 50%.
Despite these changes, renters in Dubai have also felt the pinch of rising costs. Some young professionals have been posting ads for shared housing, while landlords are hiking their rents by up to 50%. The new constructions, which will be completed by March next year, are a welcome change from the previous assessment by Sajwani. This is particularly good news for people who bought properties in the second half of last year, as their rents will remain low for the next five years.
While the economy in Dubai has been experiencing a slowdown since last year, the property market in the region is booming, with new projects being built almost daily. Several companies have been able to take advantage of this by offering lower rents for properties near the Expo 2020 site. The cost of a Dubai apartment is expected to increase by up to 10%. In the meantime, a price increase could result in a lower rent in the future.
The market in Dubai has benefited from the recent government's efforts to address the oversupply issue. The government has implemented a housing fee that is payable by all expats who live in the emirate. The price hikes, which began in January 2019, have already pushed the price of Dubai apartments to a five-year high. These measures may have some impact on rents in the next few years, but they are not sufficient to stem the problem. Check out this related post to get more enlightened on the topic: https://en.wikipedia.org/wiki/Real_estate_development.