Dubai Property Rentals Scenario
Dubai is one of the fastest growing economies of the world. The metropolis has earned a name as a business and pleasure center. Since May 2002 Dubai has opened up its properties for investment, to foreigners. Its roaring economy, enviable infrastructure, peaceful conditions, sunshine the entire year around and a global environment have contributed to a massive influx of people from all over the world. Helping the influx are Dubai’s exquisite beaches of gold, lively clubs, bars, restaurants and a throbbing nightlife. Small wonder then that Dubai property rentals have gone northward. There is also the eternal supply versus demand problem. Whereas the population has doubled in recent times, the number of apartments and villas has not kept pace with the increase in demand. This has fuelled the increase in Dubai property rentals further.
Paucity of Dubai property rentals has forced people into sharing of their apartments. In acute cases migrants have been commuting from the neighboring emirates. However, due to the slowdown in global economy, rentals have also dropped by 30-40% as per the official web sites. This should make Dubai property rentals more affordable.