DUBAI SOUTH COMMUNITY LEADS 2023’S BIG RENTAL GAINS
DUBAI'S MID-MARKET RESIDENTIAL ZONES EXPERIENCE SUBSTANTIAL RENT INCREASES IN 2023, SPEARHEADED BY DUBAI SOUTH
In the current year, the GCP-Reidin report identifies Palm Jumeirah and intriguingly, Dubai South, as the two leading residential areas in Dubai with the highest rental gains. Notably, mid-market communities such as Motor City, Remraam, Green Community, and Jumeirah Village Circle are also showcasing robust rental growth. Within the realm of luxury properties, the enduring choices are Palm Jumeirah and Dubai Hills Estate, while Sobha Hartland has made its mark by securing a spot in the top 10. Emerging residential hubs like Dubai Hills Estate, Meydan City, Dubai South, and Sobha Hartland are proving their mettle in competition with well-established districts like Business Bay and Jumeirah Beach Residence.
While the trajectory of property price increases is steadying, the rental market is poised to remain vigorous due to the dynamic job market and the persistent demand for office spaces, an observation supported by data from the Dubai Chamber. The meticulous analysis undertaken by GCP-Reidin highlights that newer communities are witnessing higher rental growth for studios and four-bedroom units. In contrast, older communities are experiencing greater appreciation for apartments with one, two, and three bedrooms – these configurations representing the majority of transactions throughout the current year.
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