Lower rentals have pushed occupancy levels to almost 70 per cent in Downtown Dubai, realtors said.
Deborah Staines, Residential Sales Consultant, Head Office, Better Homes, told Emirates Business: "We estimate that around 70 per cent of the apartments in Downtown Dubai are occupied, though we understand that demand exceeds supply within the development. Occupancy has definitely increased since rentals have become more affordable."
Vineet Kumar, Head of Leasing and Sales, Asteco Property Management, said: "With the exception of recently handed over loft apartments, most of the projects are more than 70 per cent occupied."
According to Harbor Real Estate, around 2,400 families live in the Downtown Dubai district.
"Due to the higher ratio of studios and one-bedrooms within Downtown Dubai, compared to two, three and four-bedrooms in the Downtown District, the ratio and the proximity of the Downtown Dubai district to the Dubai International Financial Centre (DIFC) and the main business district of Dubai is making it ideal for single executives, couples and small families," it said.
Real estate agents said Downtown Dubai has seen a mix of buyers from investors looking for long-term investment from China, India, Pakistan and UAE nationals. Europeans and UAE Nationals seem to be among the end-users.
There is a mix of overseas investors and investors who are residents of Dubai within the development.
Emirates Business
