Falling rents in Dubai are helping some residents to move into more spacious apartments, according to a recent poll by the Khaleej Times. Many of these renters are expatriates and are moving from small and cramped flats in older parts of town to the newer and more spacious accommodations.
Musham Khan, the manager of Dubai-based Geometrics Real Estate, was quoted in the article, noting that many local residents are moving into the newer developments: “We have seen a significant decline in the rent in DiscoveryGardens,” he said. “As it becomes affordable more people are going to move there.”
According to one source, rents for DiscoveryGardens in February were averaging DH45,000. Discover Gardens is near the Jebel Ali Free Zone, where many expats and white collar workers are employed. Other areas that are near Jebel Ali are also experiencing a boom, as the rents are lower here than even in the neighboring emirate of Abu Dhabi.
In addition to the lower rents for apartments, villas are becoming more affordable and families are moving as well. Those who want to move into newly built properties in Dubai are now finding it is a good time to do so.
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