Why Properties Are Sold Out, and Rents Are Increasing in Dubai

The property market in Dubai is quite busy because there are a lot of activities going on in the market where people from other countries are looking to buy new houses that are appropriate for living or renting out. But the challenge is that some of the new launched properties are getting sold out very quickly. For this several people are not able to book their desired properties in Dubai. Some brokers in Dubai are saying that the future projects will also see such demand where the properties by big builders will be sold in a few days after its launch.

To solve this problem, Dubai Housing which is a real estate company working in Dubai has come forward. If you are looking for a property but the property that you are looking for may get sold quickly then you should raise a query through Dubai Housing immediately. So that the professionals and brokers working in Dubai Housing will get working quickly and can reserve a slot for your booking. It is very important to go through companies like this, because they have good hold in the market and can provide some exciting offers from the developers. 

New projects like Mercedes Benz Places by Binghatti and Binghatti Phantom are the projects for now which are available for advance booking through Dubai Housing. Buyers who will book properties built by Binghatti Developers before construction will get attractive payment plans and extra facilities. Properties like this are very popular for two reasons, first is the luxuriousness of the house makes it a fine place to live personally and second is that the rental income is also very easy to get because of high demands of such types of properties. 

The month of March 2024 was a fantastic period for the property market of Dubai where the sales of properties were higher than the past year. This shows that even though there were some people thinking that the sales and price of the properties in Dubai is not going to rise in 2024 but till the 2nd week in the month of April there is no slow down in the demand for housing properties. For example, ELO in Damac Hills 2 by DAMAC PROPERTIES was sold-out in two to three days after its launch and several buyers were not able to book it. 

Looking into this huge demand, Damac quickly launched ELO 2 at the same location in DAMAC HILLS 2. So, it is a good time for those who missed the first phase can now book the 2nd phase before it is gone. For confirmation booking go with Dubai Housing who will guide you throughout the buying phase of this property. The real estate market in Dubai gives a good opportunity for ROI on investment in luxurious properties. 

As booking for a dream property in Dubai is getting hard for the people so they are looking to stay in rents. In some locations in Dubai there is a bit of confusion among the people who rent their homes and the ones who offer them. Dubai is a bit like a different market for real estate and the Real Estate Regulatory Authority (RERA) just gave a new rental index, changing the situation for landlords and tenants alike.

Landlords are the people who own properties, and with RERA's new rental index, landlords now have the green light to increase the rents when it is time to renew rental agreements. But they can only do this hike at renewal time. So, if you are living on rent and your rent agreement is up for renewal later in the year or even next year then you might not see any rise in your rental cost until then.

Dubai Housing, a real estate company, explains that rents in Dubai have been going upward but RERA's rules kept a bar on how much rents could go up at renewal times. With the new rule, landlords might feel comfortable to ask for more, by bridging the gap between old deals and the current price that new tenants are paying.

Several people are looking to start fresh in a new home from the beginning of this year. This means that some tenants won't feel the burden of increased rents until the end of 2024 or the start of 2025. Previously, sticking to an old agreement was often cheaper than jumping into a new place. However, with the gap between renewal and new market prices narrowing, we might see a change as tenants decide whether to move, renew, or even buy.

Some professionals working in the property market of Dubai said that as rents rise in the city's popular addresses, some renters are looking for more properties, seeking out neighborhoods where there is more rental income. This migration could ease the all around rise in rents, even if some popular areas remain costly.
 

Other people working in the property market also think that landlords are not free to raise the rents suddenly. The "Rental Calculator" sets the way for rent increases, aiming to provide a balance based on market situations. Landlords need to inform about any rent rise to their tenants three months before renewal of agreement, making sure that everyone is comfortable.

As we step into April 2024, landlords are eyeing for increasing the rents to match market pricing situations to grab this current opportunity. Both tenants and landlords are aware and using the rental index and pricing to go through Dubai's property market.

The first quarter of 2024 has shown the world that Dubai is not going to slow down and the builders are going to work on high priced projects to attract rich people in the world. Same goes for the rental market also where the landlords are looking forward to rising the price of rents whereas tenants are looking for new addresses or properties to live or buy.