Existing residents prefer to stay on where they are

Dubai: Dubai’s existing residents in leased properties seem to be staying put rather than risk having to pay a much higher rental on a new location.

According to an Asteco report on rental trends in the second quarter, “Most transactions came from newcomers to the city, rather than internal relocations.”

“Tenants have elected to remain where they are, and paying the rent increase, as indicated by the RERA rental index, rather than moving as this leads to additional costs such as moving costs, agent’s commission, etc.”

The Jumeirah Beach Residences cluster had the highest rental value growth of 10 per cent in the second quarter as new stock was handed over in Al Bateen Residences, the first tower in Dubai Marina with a direct beach access, the report adds.