The realty market in most parts of the
globe is governed by the rules of demand and supply. Dubai too has been no
exception and it had enjoyed a decade of fantastic returns for property owners
for over a decade. However, the global economic slowdown that reared its head
about two years ago put a dampener on things and Dubai rentals had been plummeting for in the past months.
This scenario simply meant that it was
a time for tenants to rejoice as they believed that the bubble had finally
burst. Many claimed that the prices of properties for rent in Dubai had reached unheard of levels and that a price correction
had indeed been inevitable.
The waxing and waning of fortunes
however is cyclic in nature. Buoyed by corrective measures taken by the
industry and strong support from the authorities, the prices are experiencing a
recovery in some areas. This has been particularly observed by those seeking houses for rent along the beachfront in
Dubai.
Many developments along the waterline
have been quoting rentals that are higher by the tune of 10 to 20% over what
they were in the preceding two years. The beachfront area is dominated by two
premier developments. Other than the prestigious Jumeirah Beach Residences and
the Shore Line Apartment community by Palm Jumeirah, the Palm Jumeirah Villas
are the only beachfront properties.
With the demand supply coming into
play, it should come as no surprise to note that the villas for rent were commandeering almost double the rental hike
than their apartment counterparts. Luxury bargain hunters looking at a property
for rent would be better served if they were to look at options along the
Jumeirah Beach Residence. This is so as the total property stock is higher out
here in comparison to that of the villas.
Demand at the exclusive Shorelines
community settlement has remained relatively stable. Even within the community,
a strong preference has emerged for beach facing apartments that command a
higher property rental. Thus, there could be bargains to be had here if one
were not too picky about having a beach view.
