Dubai property rental can be
slightly difficult for the city’s first time residents. The prospect of
finding a reasonable place to live, one that fits rental budgets and
location requirements is a challenging task, anywhere in the world. In
Dubai especially, that task can be daunting. Whether frantically
searching through the classifieds or meeting with real estate agents,
finding a Dubai Property for rent in this booming city is overwhelming.
The city’s population has increased from 862,387 in
the year 2000 to the latest estimate of 1.3 million. By the year 2010,
the population is expected to nearly double to 2 million, according to
The Dubai Ministry of Planning. In contrast to the overflow of people
coming to reside in the city, the Dubai property rental market is
presently undersupplied. The number of villas and apartments available
for rent cannot meet the market’s demand, sending rents skyrocketing to
an average of 37%, according to Dubai Municipality statistics.
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 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.
The number of housing units is expected to increase
by 84,000 over the next three years, once all the Dubai property
currently in development stages is completed and ready for occupancy by
new homeowners or tenants. 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.
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