oveSouq.com has recently released a report around rent increases in Dubai. The analysis was based on an online survey of 300 Dubai residents regarding their rent costs in 2014. The results of the survey showed that during the period of 2014, 36% of Dubai respondents said that they had experienced an increase between 1-10% in their rent expenses, and 48% of Dubai residents said they faced a rent cost increase of more than 10%.
Furthermore, the survey showed that 65% of all respondents plan to move to a new home upon their next lease renewal. As would be expected, the ratio was higher among those groups who have faced a higher rate of rent increase, whereby 75% of the respondents who faced more than a 10% increase in rent are planning to move.
On this recent trend, MoveSouq.com CEO Bana Shomali said, “As a company that is closely linked to the changes in the real-estate market, we continuously monitor the trends in housing prices and the impact it has on UAE residents’ moving activity. The latest results of our survey are reflective of the overall price increases that Dubai residents faced during late 2013 and early 2014. It would be interesting to see how these trends change over time given the current stabilization in housing prices. We will continue to run these surveys periodically and share the results with our partners.”
post fromBana Shomali
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