The apartment at Bur Dubai has always secured the title of being the premium and luxurious rental market. It is known to have the most well-established location which offers all the major amenities like health care, markets, and more at a very convenient distance.
It was a paradise for anyone who wanted to spend a well-established and luxurious life in Dubai. However, its high pieces and low vacancies made it unsupportable but not anymore.
It's once again open and vacant for anyone who wants to live in the area, moreover, at a considerably dropped price.
Why Did People Leave Bur Dubai Apartments?
Bur Dubai apartments have a central location, which made it a bit pricey from the initial stage. However, in 2009, Dubai launched a Metro train, which gave the residence of Burjuman, ADCB, and nearby a better traveling medium. As a result, the rental prices of the residential apartments in these areas started to rise and soon were at their peak.
Last year, a residence had to pay a rent of Dh85000-Dh100000 a year for a two BHK flat in Bur Dubai.
Consequently, a lot of tenant and families have to move out and find cheaper apartments in places like Sharjah.
Why Its Wonderful Time To Move To Dubai?
Recently, the demand and craze of accommodation in Bur Dubai or Karama began to decrease. The rental prices stated to reduce, but the biggest surprise came this year. 10 year after the Metro incident, the cost of Bur Dubai apartment has reached a spot where most of the tenants can support it, a drop of over 20-25%.
The two BHK which charged around DH 85000 last year are now available at DH65000 per year. The best part is the Dubai apartments have 5-10% more vacancy rate than the past year.
What Are The Effects Of The Lowering Prices?
The drop in property prices has made Dubai apartments affordable for tenants looking for luxurious apartments. Some real estate firm revealed that after the price drop, a lot of people previously living in Sharjah have started to move to Dubai. The real estate firm also revealed that every month, four to five clients visit them for renting apartments in Bur Dubai and Karama.
Sharjah's Discounted Mover, Packer and removal companies also verified the stats. They said that their business had seen a drastic rise in the last few months. Every month at least four customers are moving back to the Dubai, and the number is still increasing.
The public response to the dropped price is very positive. The apartments are still a bit more pricey than Sharjah, but they have a lot more facilities than any other place. They are near a lot of restaurants, easily accessible medical care home, malls, parks, and even offers a Metro.
One of the Bur Dubai resident Pooja, who is originally from Mumbai India, said that she moved to Dubai with her husband five years ago and lived in a flat in Bur Dubai. It was the place where she gave birth to her daughter Henisha three years ago. However, she couldn't afford the rent and had to leave the flats after a few months, but with this drop, she is back to the apartments she always loved.
Moreover, this isn't the only one; there are lots of stories that have got their happy ending with this price drops.
Source: Gulf News