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 for rent, 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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Dubai presently offers one of the most sultry property speculation opportunities on the planet. With multi-million dollar ventures mushrooming all around all the time, Dubai property development rates surpass that of most other Middle Eastern nations and even real parts of Europe. Individuals who begin off simply plunging their toes to test the land waters of Dubai quite often wind up returning more regularly than they had at first arranged, incidentally making Dubai one of the quickest developing second home markets. akoya drive
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