Rise in demand for open spaces causes a surge in villa rents in Dubai

This price hike has been a direct result of the increased demand for open spaces within the city and the larger demographic preferring villas to apartments

Villa rent prices marked up by almost 2.6 percent in Dubai during the second quarter of 2021, in comparison to the meager 0.5 percent decline in apartment rent prices during the same period. This price hike has been a direct result of the increased demand for open spaces within the city and the larger demographic preferring villas to apartments. Chris Hobden, Head of Strategic Consultancy at Chestertons Mena in a statement, said that the rise in villa rents was principally driven by continued tenant demand for more open space and outside areas, with agents reporting a sustained increase in villa inquiries since the easing of social distancing restrictions last year. While upscale neighborhoods like Palm Jumeirah, Jumeirah Golf Estates, Victory Heights, and The Lakes recorded higher rental price markups between 3.0 and 3.9 percent. Most neighborhoods in the emirate witnessed a steady rise of 2.3 to 3.0 percent.

Tags: Real Estate, Rental, Trends, Dubai