Dubai is the most expensive region for expatriates to rent properties with 30% increase in rental property rates
What’s the next best thing to do if we aren’t able to afford our ‘dream home’ in an exquisite foreign location? Of course, try and rent our dream palazzos!
But even renting primetime property for expatriates in several leading cities across the globe has become hugely expensive in recent times, if latest property analysis is to be believed. Thanks to ever-increasing costs that seem to rise unanimously across the world – albeit at different rates and ratios – there isn’t much left for people to do; except invest in their heart’s desire, if they so wish to.
The rental property analysis for expatriate investment brings out the following picture of global property percentage rises and statistics:
- Hong Kong is the most expensive location as far as rental property investment for expatriates is concerned. A triple-bedroom flat in a primetime location in the island city can cost up to US$ 12,000 according the analysis report
- Caracas, in Venezuela, reported the maximum percentage of increase for rental property from expatriate perspective with nearly 50% increase for a triple-bedroom rental flats in primetime areas in the region.
- Senegal’s capital Dakar reported the maximum percentage of reduction in rental property rates for expatriates, falling by nearly 18% to its 2013 statistics for primetime triple-bedroom flats in the port city
The Middle-east Spectrum
The rental property market in the Middle-east, especially Dubai, has been keeping in sync with the overall rising property figures in the region, indicating a definite boom for its real estate sector. The following salient points can be enumerated to pinpoint this surge further:
- Dubai has experienced a 30% increase in rental property prices in its primetime areas for triple-bedroom flats as compared to its 2013 figures
- This is the second-most highest increase in rental property prices for expatriates, after the Caracas region in Venezuela
- Dubai is ranked 16th in the list of world’s top-20 most expensive rental property regions for expatriates
- The region overtook Abu Dhabi as the most expensive place in the Middle-east for expatriates to invest in rental properties
- Abu Dhabi now ranks 24th amongst the world’s most expensive regions for rental properties for expatriates
While those wanting to soak into the Middle-eastern experience by renting a property in Dubai may find it a bit difficult to explore broader avenues, there’s no denying that high prices or not, the charm and the opulence of Dubai is once again starting to rise – as flamboyantly as it’s renowned to be.