Despite COVID-19 and its prevalent effects, a notable surge in rental relocations has been witnessed in Dubai. Contrary to what people had believed, the search volume for queries such as property for rent in Dubai has increased. However, there has been a change related to the type of properties in demand in the current situation.
As per a report by SAO – Sultan bin Ali Al Owais Real Estate, there has been a shift in the trend of rental properties not only in Dubai but Sharjah as well. The driving force of this shift is noted to be the change of tenants’ preference. As the global pandemic has given rise to financial troubles for many, people are now relocating to areas where rent is on the lower side to lessen their rental obligations.
Other than that, the shift in rental property trend is also triggered by the desire of people to live in larger, spacious homes or apartments with outer spaces and balconies. As they are currently confined to their homes due to lockdown restrictions (which have been eased with effect from 27th May), yet it is advised against going outdoors if not deemed necessary.
Generally, the listing for a studio for rent in Dubai located in a popular neighbourhood grabs the maximum attention of buyers/property seekers. These smaller units rent out before other types of residential properties. However, due to the ongoing pandemic, people are now preferring bigger units having balconies. Most real estate firms affirm this fact that they received maximum enquiries related to these properties.
As per property experts, this change in trend is remarkable yet unsurprising. Both the rising demand for inexpensive apartments and spacious living spaces is understandable. Those who can afford, they have now shifted their preference towards villas that have large outdoor spaces. The demand for bigger apartments with balconies has also increased.
Top real estate firms in Dubai reported that most of their villas and bigger apartments have been rented out. The increase in demand for bigger apartments and villas is attributed to the change in lifestyle forced by COVID-19. With larger spaces, inmates can perform stay at home activities without getting the feeling of containment. Balconies and outdoor spaces allow them to enjoy some fresh air while maintaining social distance norms as recommended by the government.