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Over 80% of Dubai residents faced rent increase last quarter
MoveSouq.com, a Dubai-based comparison site for home services, has released the results of its latest survey of Dubai residents' rental costs. The results were based on an online survey of over 200 Dubai residents. Overall, the data showed that 82% of Dubai residents said they experienced an increase in their rental costs when they last renewed their rental contracts.
Upon closer investigation, the survey showed that those who renewed their lease less than three months ago faced a smaller rate of increase than those who renewed their lease 6-12 months ago. For example, the proportion of Dubai residents who faced more than a 10% increase in their rent costs was 28% of those who renewed their lease less than 3 months ago, compared to 40% of those who renewed their lease 6-12 months ago.
Furthermore the survey showed that Dubai residents are still very likely to move homes due to continued rent increases. 63% of all respondents plan to move to a new home upon their next lease renewal. The proportion of people planning to move was significantly higher among those who faced a higher rate of rent increase in the last year. 81% of respondents who faced more than a 15% rent increase plan to move to a new home.
On this recent trend, MoveSouq.com CEO Bana Shomali said, "This quarter's results tally with the overall perception in the market that real estate prices are stabilizing. The data shows that Dubai tenants are still facing rent increases with each renewal, however, we see now that the rate of increase in rental costs has slowed down compared to end of last year. It would be interesting to see how the market will behave in the next quarter, but we expect this trend to continue."
*source: ME NewsWire
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