Dubai: This is the best season for those who desire to stay in Dubai’s expensive regions like Jumeirah Village, Discovery Gardens, and International City. This is because the rent for villas and domestic flats is at a 10-year low. Specialists in the area state that house rents have not remained so low after 2011. It is informed that many families who had earlier relocated to Sharjah due to huge rent in Dubai have started returning to Dubai under current conditions.
Rent becomes halved in Jumeirah
The prevailing rent for a one-bedroom flat in Jumeirah Village is only 35,000 dirhams. Moreover, the real estate sector was healing from the global financial crisis of 2008-09. In 2017, the rent for such houses was 60,000 dirhams. The present rent for a single bedroom flat in Discovery Gardens, another important location, is AED 37,500. This is lower than the rent a decade ago, according to a report by Azteco, a UAE real estate company. In 2011, the rent was 38,000 dirhams. In 2016 it was 65000 and in 2017 it was 55000 where the rent has been bisected.
Covid becomes the cause
The principal cause for the immediate halving of rent was the economic disaster produced by the extension of Covid. The recent conclusion of several real estate projects in Dubai is another constituent in the drop in rents. The relocation of people to more latest flats with more amenities has also added to the decline in rents. In these areas, more perks are proposed to new residents by dismissing the rent for a few months and releasing up AC usage. Azteco reports that those operating in the sector are expecting that the real estate sector will increase as the economy remains the covid crisis.
Crisis in Sharjah
According to the report, the change in the real estate sector in Sharjah has started as people have begun relocating to Dubai due to cheaper rents. The owners have declared additional privileges to maintain customers. The current rent is lower than the 2011 rates. The rent for a small villa in Al Nahda, Sharjah, has fallen to 23,500 dirhams. In 2011, the average was 28,000. Homes are open for around 25,000 dirhams in Corniche. The rent was Rs 28,000 10 years ago. Although the prevailing condition is crisis-ridden for building proprietors, it is the most suitable time for residents to receive the best accommodation at the lowest possible price.