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Luxury and rental real estate in Dubai

Luxury and rental real estate in Dubai

Nowadays, studio apartments are not in high demand among Dubai real estate. This type of real estate was preferred for rent by expats from other countries who come to the country to work or study. An increasing number of people prefer spacious houses and villas, as well as other luxury properties. The pandemic is the reason for the changes in taste preferences. It is much more pleasant when you have the opportunity to relax in the courtyard or go to the terrace, swim in the pool or visit the fitness club within your own residential development project.

Content:

Real estate rental market in Dubai

Due to the favorable climatic conditions and the developed infrastructure, real estate market in Dubai is in high demand. A slight decrease in prices was observed only during the beginning of the pandemic, when the influx of potential residents into the country decreased due to the closure of borders. At the beginning of 2021, the situation stabilized and the growth of interest in real estate is observed. This applies not only to rent, but also to purchase. Long-term rent is the most common in renting real estate in Dubai, since it does not require the owner to have a license. When concluding a contract for a period of less than a year, you cannot do without the license. In this case, the solution is to use the services of local real estate agencies or management companies.

Areas for family holidays

Let's try to figure out what areas of Dubai are the most expensive and where it is preferable to rent property. If you prefer a beach holiday, you should pay attention to the coastal areas. Luxury apartments are used for rent in Palm Jumeirah. It is the largest man-made island in the world, where you can find both a spacious premium villa and compact, but comfortable apartments. The Dubai Marina community is also in demand. It is dominated by large properties, which are suitable for a family.

Community for businessmen

The business center of the metropolis is Downtown Dubai. It has differentdevelopment projects for business. District 2020, which is a free economic zone, is no less attractive. The Jumeirah Lakes Towers (JLT) and Business Bay communities are popular for work and residence. Ithas a developed infrastructure for both work and life. Modern development projects are attractive for renters. Newareas are being built in accordance with the latest technologies, which allows us to guarantee the most comfortable life.

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Real estate for supporters of an active lifestyle and sports

The largest number of entertainment and shopping malls are concentrated in the Downtown Dubai area. Golf fans can rent a propertyat Jumeirah Golf Estates. Many sports are featured in the Dubai Sports City community. The new sub-community of Motor City will be perfect for motorsport lovers. Luxury real estate can be found in all areas.

Rental price

Average rental prices are related to the location, level of comfort and its living space. In the most popular communities, the rental prices are the following:

Palm Jumeirah:

  • Two-bedroom apartments can be rented for AED 76,000.
  • Three-bedroom apartments can be rented for AED 105,000 per year or more.
  • Four-bedroom apartments can be rented for AED 190,000
  • Five-bedroom apartments can be rented for AED 210,000.

Dubai Marina:

  • Two-bedroom apartments can be rented for AED 42,000.
  • Three-bedroom apartments can be rented for AED 70,000.
  • Four-bedroom apartments can be rented for AED 98,000.
  • Five-bedroom apartments can be rented for AED 220,000.

Jumeirah Lakes Towers:

  • Two-bedroom apartments can be rented for AED 44,000.
  • Three-bedroom apartments can be rented for AED 70,000.
  • ЖFour-bedroom apartments can be rented for AED 100 000.
  • Five-bedroom apartments can be rented for AED 150,000.

Prices do not have a maximum limit, as it depends on the level of luxury real estate. So far, analysts have not noted a significant increase in rents, as many investors prefer to invest in a purchase.

Most expensive areas of the city

One of the most expensive communities for rent is City Walk. The average rental priceis about AED 190,000. In Palm Jumeirah, this amount is AED 150,000. This figure is 10,000 lower than in Dubai Marina. The most expensive villas are available for rent in the Arabian Ranches community. The price for short-term residence can reach AED 240,000.

Rental pros and cons

We can say that the most practical and convenient option for temporary residence is rental real estate. The pros for investing in real estate are the following:

  • Growth in demand. Lots of people from all over the world go to the metropolis. They go to rest or work. Besides, they do not always have a desire to buy overseas property.
  • High ROI. It outperforms the indicators in European countries. If in London the ROI is above two percent, then in Dubai it is ten or more.
  • No taxes. The owner makes a net profit. The renter benefits from a simple rental scheme and a minimum number of fees.

There is only one drawback: the growth of rental prices. However, the country's authorities are announcing a possible freeze of such an opportunity in the near future. In this case, the owner will not be able to raise the fee at will.

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FAQ

  • Is it possible to rent a property for a short period? Yes, there are no time limits for renters. The difficulties can arise only for owners. When renting out apartments for a period of less than a year, a special license is required. Therefore, most often the owner of the property does not contact potential renters, but the management company.
  • Can the owner raise the rental price? The legislation provides for restrictions on its increase during the first two years of using the property. This rule does not apply to new renters. When signing the initial contract, the owner can change the price.
  • Who can rent a property in Dubai? Any of the nationals or a resident visa holder. The legal presence on the territory of the state is impossible without a resident visa. Besides, legal entities, which are registered in the UAE or act as representatives of foreign companies, can become renters.
  • Is the rent agreement subject to registration? Yes, it can be done via the Internet. Each document is assigned a unique barcode. The responsibility for the lack of registration is not established, but in this case, it is difficult to defend your interests in court, if it is necessary.
  • How is the payment made? In most cases, the money is deposited immediately for a year. It is possible to pay monthly or quarterly. The money is debited from the renter’s bank account automatically.
  • Who pays for utilities? The costs of housing maintenance are borne by the renter, except for major repairs and an annual contribution to the housing maintenance. The contract may also reflect other payment terms by mutual agreement of the parties.

Assistance in buying a property

The company presents a database of real estate from agencies and developers in the UAE. In the catalog, you can choose flats, apartments, luxury villas and penthouses in Dubai and other popular cities of the country. The company's specialists are ready to help with the choice. You can get acquainted with the real estate market in real time. Moreover, ads with current prices are published on the website.

·         Real estate rental market in Dubai

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