Last year the UAE was one of the fastest growing economies in the world with almost 26 per cent GDP growth, this dynamic is drawing an enormous inflow of expatriates in the emirates. Everyone has to live somewhere and even a supply of property growing like mushrooms cannot keep up, for the time being. Dubai being the centre of developments in UAE is facing a serious shortage of property because of such influx of expatriates. As the population grows getting
Dubai rental property becomes a challenging task.
Getting an Ideal rental property in Dubai has always been difficult due to the imbalance in the ratio of supply and demand. The chance of finding a suitable place to live within rental budgets and location requirements is not an easy task anywhere in the world. In this metropolis particularly, finding Dubai Property for rent can be challenging.
The population of Dubai has increased manifold during the last decade of Dubai boom. While there is an overflow of people coming to reside in the emirates, the city is facing a serious shortage of
offices, apartments and villas for rent in Dubai. The numbers of housing and commercial units available for rent have not been able to meet the market"'""s demand, causing high rents. Dubai"'""s real estate revolution which continues to gain strength with each passing day. With a flood of expat population and with it hundreds of new property developments, real estate markets in Dubai, Abu Dhabi and the UAE have seen a remarkable growth over the past few years.
The quantity of residential units is likely to increase by 84,000 over the coming three years, but high rents would remain an issue with Dubai residents. This trend makes the case for possession of property a stronger and more practical option, as for Dubai property owner"'""s rental property demands remain rewarding.
According to Daily National, A UAE based journal Dubai remains the most expensive emerging property market in the world despite the market slowdown and falling prices caused by the global credit crunch. Dubai"'""s average rate as of February was about US$7,000 (Dh25,690) a square meter, it was followed by Singapore, with an average sales price of $6,600 a sq meter, with Moscow at $6,000, Hong Kong $5,400, Beijing $4,500 and Tel Aviv $4,200"'.
According to the report, rental yields have become one of the dominant markers setting price, while it was a secondary concern during the boom.
What we are seeing with the March prices are that banks, in terms of mortgage finance, have come back into the market, and availability of finance has become a little bit easier"'.
Regardless of the current challenges Dubai property have an extremely bright future. In next three years, thousands of more projects are expected to be completed and will be ready for occupancy. The timely completion of projects will help in market stabilization of Dubai real estate rental.
