Realtors: "Expo 2020" stimulates demand for the sector
Report: Dubai residential real estate rental price index rises 5.21%
An increase in the pumping of real estate investments in Dubai since the beginning of this year.
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According to a report by the Real Estate Company "Reiden", the price index of residential real estate rents in Dubai rose by 5.21% year on year.
Realtors reported that there were several factors that pushed rental prices to record growth during the current year, most notably the hosting of "Expo 2020", in addition to the coherence of rental values in many areas in Dubai, and the growth in demand for rents for short periods.
In detail, a recent report issued by REIDEN Real Estate stated that the residential real estate rental price index in Dubai rose by 5.21% year on year.
The report, which "Emirates Today" obtained a copy of, indicated that the rental sector in Dubai rose by 1.21 points from 71.15 to 72.36 points, which represents an increase of 1.7% in November 2021.
The real estate expert, Chairman of the Board of Directors of "W Capital Real Estate Brokerage", Walid Al-Zarouni, said that "there are several factors that pushed rental prices to record growth during the current year, the first of which is the hosting of (Expo 2020), and the great momentum it created at the level of leasing and selling, in addition to cohesion The rental values of many areas in Dubai, in conjunction with the increase in demand for rent, whether for annual contracts or for short periods, which range between 3 and 6 months, which created a demand for the rental sector in all its residential categories.
For his part, CEO of "Standard Real Estate Management", Abdul Karim Al Mulla, said that "the rental sector benefited from the great momentum of (Expo 2020), as rental prices for apartments and villas continued to record a noticeable upward trajectory during 2021," expecting this momentum to continue during The first quarter of 2022. He pointed out that the increase in real estate investments in Dubai since the beginning of this year as a whole is supported by the increase in the number of visitors to Expo 2020 Dubai, government incentives, as well as facilities from owners and real estate management companies.
In turn, the real estate expert, Mohammed Al Ali, said that several areas near the site of the Expo 2020 Dubai are the most in demand for rent, namely: “Dubai Investment Park”, “Dubai Production City”, “Jumeirah Golf Estate”, “Discovery Gardens”. “Al Furjan”, noting that those areas have increased rental prices in the last period as a result of their proximity to the site of the global event, which are the areas that recorded the highest rate of increase in rents, exceeding 10% during 2021, while the increase for the rest of Dubai’s regions ranged between 5 and 6%.
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