75% Dubai residents plan to move homes after rent hikes

Nearly 75 per cent of Dubai residents plan to move to new homes on lease renewal due to rent hikes.

The results of the survey showed that as many as 84 per cent claimed rent increase during 2014.

It said nearly 36 per cent of emirate?s respondents experienced an increase between 1 to 10 per cent in their rent expenses, and 48 per cent of emirate?s residents faced a rent increase of more than 10 per cent.

Furthermore, the survey showed that 65 per cent of all respondents plan to move to a new home upon their next lease renewal. As would be expected, the ratio was higher among those groups who have faced a higher rate of rent increase, whereby 75 per cent of the respondents who faced more than a 10 per cent increase in rent are planning to move.