Dubai’s rental market is predicted to remain “fixed on an upward path” in many prime areas, according to a new report by CB Richard Ellis (CBRE). Amongst these rental and property hotspots is Dubai Marina, home to The First Group’s latest hotel apartment project, TFG Marina Hotel.
Overall residential rents increased by up to 5% in the last three months, with the total number of residential transactions jumping by 82%. Almost 62% of all those transactions happened in ‘master’ communities, including Dubai Marina, Palm Jumeirah, Emirates Living and Downtown Dubai. According to the Dubai Land Department, the total value of all transactions for the year to date is AED10.3bn, compared to around AED6.9bn in 2011.
"Although the real estate market is usually relatively subdued through the summer and Ramadan periods, this year the residential market was very active, with apartment and villa lease rates increasing by around 6 percent and 4 percent respectively,” commented the CBRE report. “The continued influx of a quality workforce and the migration of tenants from neighbouring emirates continues to influence occupancy and lease rates.”