Around 65 percent of respondents to a new survey said they are planning to move to a new home in Dubai due to rent increases, with nearly half facing increases this year of more than 10 percent.
The analysis by MoveSouq.com, a Dubai-based comparison site for moving and household service companies, was based on an online survey of 300 Dubai residents. The data found that 36 percent of Dubai respondents said that they had experienced an increase between 1-10 percent in their rent expenses this year, while 48 percent of respondents said the rental hike was more than 10 percent.
As a consequence, 65 percent said they were faced with having to move homes when their lease comes up for renewal. Of those who reported having to pay more than 10 percent, 75 percent said they were opting not to renew their lease and move to another cheaper location.
“The latest results of our survey are reflective of the overall price increases that Dubai residents faced during late 2013 and early 2014. It would be interesting to see how these trends change over time given the current stabilization in housing prices. We will continue to run these surveys periodically and share the results with our partners,” said MoveSouq.com CEO Bana Shomali… see more