Dubai Villa Rental Market
FThere’s a wide range of apartments and villas available in Dubai, both within and outside enclosed compounds.
Most visitors are pleasantly surprised when they see the city of Dubai for the first time, its modern architecture co-existing with traditional houses and ancient wind-towers. New buildings are often spectacular, as oil has provided the money for the best architects, builders and materials. Indeed, there’s competition between developers, who tend to be wealthy merchant families, to build the most impressive structure.
Many construction projects are under way and, when you’re choosing accommodation, you should check whether further construction is planned on surrounding land, as the resulting noise, dust and general inconvenience can be intrusive, sometimes for 24 hours per day.
Although developments are continuing, however, fewer lower priced properties are being constructed, as the demand for unskilled workers in the region is declining.
The slowdown reported in apartment sales in Dubai has not been apparent for villas. Even off-plan villa sales are still going strong, and the re-sale market remains a seller’s market. This new dynamic to the market has been developing for some time.
The mismatch between the supply of villas and the latent demand has been apparent for many years. In the early days of the first Dubai Marina apartment sales Emaar Properties noted huge demand for the very small number of villa units at the base of the development.
This is one reason why Emaar went on to build the 2,000 villa Meadows and 4,000 town-house Springs developments, and then the very successful Arabian Ranches project. The first two schemes sold out long ago, though the release of villas at The Arabian Ranches continues. Nakheel enjoyed similar success with its 6,000 Jumeirah Islands villas.
The shortage of Dubai property for rent has caused a great number of problems for the city’s residents who are at present extremely frustrated and annoyed with the exorbitant cost of living in this city. Sharing apartments and/or villas seems to be the most feasible thing to do given the markets present situation. Some prefer the option of commuting from neighboring Emirates like Sharjah and Ajman.
While high rents remain an issue with Dubai property rentals, it is only making the case for ownership of property a stronger and more viable option. For Dubai’s current property owners, the rental money their property commands continues to remain rosy and comfortable for the future.
Due to the high demand for Dubai Property rental, investors are clamoring to buy more of the latest and hottest international property. As new residents flock to the city and the population continues to expand, investing in Dubai property rentals is almost a guaranteed return on investment in this growing city.
Alessandro Dubaldo is the managing director at Dubaifurnishedvillas offering a wide selection of Dubai Villas and Villas in Dubai on short term rental for daily, weekly or monthly basis.