Expo Village At Dubai South Sees First Apartments For Rent, Creating More Choices For Residents
Expo Village in Dubai is experiencing the release of its first apartment buildings, and prospective tenants will be hoping that they will be able to sign up quickly on reasonable rental terms. All apartments in the Expo Village will be leased, and there will be 2,273 apartments in four residential clusters. Its communities are only minutes away from the Metro Station for the Dubai Exhibition Centre and Expo 2020.
The Expo Village Options
In Expo Village, residents will have the option of renting short-term or long-term apartments. There are studios, one-bedroom apartments, and three-bedroom homes available, as well as a substantial number that are furnished. Because so many companies will be setting up facilities at Expo City and will be bringing in workers for specific projects with short-term leases, the location lends itself well to short-term rentals. There are apartments in Expo Village with sizes ranging from 65 to 138 square meters.
Dubai World Trade Centre developed Expo Village as a residential community for Expo 2020.
New one-bedroom apartments in Dubai South are currently available for Dh28,000 or so (and include one month of rent-free). The Expo Village rentals have not yet been published, but chances are they will be higher than comparable Dubai South rates.
Houzon Managing Director, Nishchay Mehra, believes the Expo Village will be more expensive than Dubai South for a variety of reasons. “This development’s location near the Metro and the fact that these units will be rented by the developer are the two most important features. Additionally, the units will be furnished when ready”.
The Rental Market Remains Stable
There have been no rent increases at Dubai South that equal those seen elsewhere in the city’s mid-market. Property services firm Houzon reports that rents grew 13 percent, 8 percent, and 20 percent in Deira, Discovery Gardens, and Jumeirah Village, respectively, in the 12 months to September. It means that a one-bedroom apartment in Deira costs between Dh30,000 and Dh55,000, as buildings in popular neighborhoods, undergo renovations or are available for rent.
The Gold Souk Extension and the Deira Enrichment Project provide new rental opportunities in and around the Deira Corniche.
For the past five years, Jumeirah Village has been one of the main choices for middle-income tenants. According to the Houzon report, rents for one-bedrooms increased by 20 percent on average in the past 12 months, which means they cost between Dh33,000 and Dh60,000. Toward the end of this year and into 2023, Houzon assumes rental rates will remain elevated, adding that any slowdown in rent growth will only occur if oversupply exists. Due to the rapid addition of new residents to Dubai’s resident base, supply may not rapidly surpass demand for some time.
Over the last three quarters, the rental market in Dubai has added about 6,000 new apartments. Expo Village represents the latest addition. Furthermore, they are a welcome addition that Dubai needs rights to now.