Dubai’s budget conscious tenants are having no respite as mid-market locations such as Silicon Oasis, Discovery Gardens and Karama record rental growth over and above those witnessed in the more upmarket parts of the city in the first three months.
This has been brought on as more residents choose to relocate to these “affordable” locations and thus forcing up the rentals, Gulf News reported. “Whilst more widespread rental deflation is anticipated during the course of 2015, mid-market offerings are expected to remain in favour,” said Matthew Green, Head of Research and Consultancy at CBRE. “Occupiers [are] driven towards secondary locations as the cost of living has spiralled over the past two years.”
Apartments at Jumeirah Lakes Towers also experienced gains during lease renewals, while locations such as IMPZ, Motor City, Liwan, Al Barsha and Al Nahda recorded declines, according to CBRE estimates.