HOUSING Dubai is preparing to make room for new housing, as the UAE state see's a property and economic boom.
There has been an ever-increasing demand for housing in recent months in areas such as Downtown Dubai, Dubai Marina and Palm Jumeirah, as the city see's a surge in business, property investment and many more future projects planned for construction.
Official figures show an additional 20,000 apartments and 3,500 villas to be put on the market by the end of the year. This, on top of the reported 400,000 apartments and 60,000 villas already in Dubai. Villas appear to be the preferred choice in accommodation, and of course with the property boom comes the rise in buying and rental prices, with an increase of up to 40 percent in some places.
Currently the most expensive rental areas in Dubai are Downtown Dubai, Palm Jumeirah and Dubai Marina. The hike in rental rates are forcing some residents to move in search of new and affordable accommodation or leave the city altogether for neighboring Sharjah, where property are considerably cheaper than other UAE States.
Text Karen Athwal