Dubai Property / Dubai Property for Rental Dubai Property for RentalRenting property in Dubai 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 place to 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 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 number of housing units is expected to increase by 84,000 over the next three years, once all the 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, 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. |
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