They are magnets for budget-minded tenants even as a flood of new home supply looms
Dubai: Those Dubai residents scouting for rentals easy on their pockets should check out Jumeirah Village Circle or Sports City – but they shouldn’t wait on it for too long. Both residential clusters recorded slight rental increases - by 2 and 3 per cent respectively during the third quarter even as other locations in the city have remained stable or gone through declines.
“We are seeing a definite shift to more affordable areas such as Jumeirah Village and Dubai Sports City where rents are cheaper and an increasing number of amenities are coming on-line as communities reach critical mass,” said John Stevens, Managing Director of Asteco.
In contrast, upscale Downtown was one location to see a rent decline – by 5 per cent – during the 12 months to Q3-16, while outside of freehold, the villas in Jumeirah and Umm Suqiem were impacted with year-on-year drops of 19 and 12 per cent, respectively. The posh neighbourhoods were undone by a mix of new supply coming up and higher incidence of job-related...Read more...