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Khaleej Times, Sunday, Aug 28, 2022 | Safar 1, 1444

‏Rents increase by up to 24% in 3 'best areas to live'

Emirates: Dubai Marina, Downtown Dubai and Business Bay are the most popular areas for residence in Dubai in 2022 for their vibrancy and unique lifestyle offerings.

According to Property Finder’s latest data, Palm Jumeirah, Jumeirah Village Circle, and Jumeirah Lake Towers are the other top searched areas in the emirate.

“Dubai Marina remains one of the most vibrant areas in the emirate, where there’s everything for everyone, mainly for those who are looking to enjoy the best the city has to offer combining the urban and waterfront lifestyle. Additionally, the city features beautiful skyscrapers and hosts lots of activities and is bustling with attractions, leisure and entertainment options. Not to forget Jumeirah Beach Residence (JBR) and the Beach which are in close proximity,” says the leading real estate marketplace.

Business Bay is simply one of Dubai’s key residential, commercial, and business hubs, and in proximity to Downtown Dubai, with ease of transport as it is accessible from key roads from the emirate and serviced by two metro stations, a range of bus routes, and water taxis.

“It's not strange that the three areas are always among the top desirable areas in Dubai, as each possesses different attributes and is appealing to residents and investors alike,” it said.

The biggest increase in rentals

But due to the strong demand and their popularity, Dubai Marina, Downtown and Business Bay have witnessed the biggest increase in rentals in the second quarter of this year.

Based on the real estate management firm Asteco’s second-quarter report, Dubai Marina, Downtown and Business Bay have seen an increase of 23 per cent, 24 per cent and 21 per cent, respectively. It was the biggest increase among all the mid to high-end areas of the emirate in the last quarter.

Rentals in these three areas begin from Dh40,000 for a studio in Dubai Marina and go up to Dh300,000 for a three-bedroom unit in Downtown.

Meanwhile, Property Finder data showed Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, Damac Hills (Akoya by Damac), Mohamed bin Rashid City and Dubai Land emerging as the most popular areas for villa/townhouses in the emirate.

In line with demand, the three areas saw a high increase in rentals in the second quarter in the villa/townhouse category. Rentals in Dubai Hills Estate, Palm Jumeirah and Arabian Ranches jumped 42 per cent, 41 per cent and 30 per cent, respectively.

Leases going strong

The emirate’s real estate has been witnessing hectic activity as the demand for residential leases continues to remain strong, representing 72.97 per cent of total rental leases in July, an increase of 5.67 per cent compared to June 2022.

July 2022 also recorded 7,092 total sales transactions worth Dh21 billion. the emirate registered 42,698 rental leases in July of which 56.04 per cent were new leases, and 43.96 per cent were renewals.

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