DUBAI: Rents in Dubai are bouncing back. As the demand is growing high, currently investors are competing to ensure the additional supply of residential units in different areas.

Green Valley International Real Estate announced that they are investing AED1.5 billion in the UAE and AED1 billion in Turkey to develop massive residential apartments.

The new developments include a landmark residential project in Dubai Sports City with a total of 200 apartments in various sizes.

The project in Turkey, which will be in Trabzon city, will have 300 apartments.

The company had earlier announced that only 150 apartments in the project.

“We are proud to announce our new projects in Dubai as well as expand the scale of our projects in Turkey,” said Ali Saeed Al-Salami, general manager of Green Valley International Real Estate.

He said: Both these markets offer an excellent growth potential for investors looking for substantial return on investments. As one of the major players in the sector, we find the time opportune to invest in these booming markets, and investors who are eyeing good growth should tap into this opportunity.”

Deyaar Development, meanwhile, announced the sellout of all the residential units at ‘The Atria’ in the Business Bay district.

The sales event held at the H Hotel on Sheikh Zayed Road registered AED500 million in sales within hours of opening. Unveiled on 9 March, The Atria is scheduled for handover by the Q1 of 2017.

“Today’s event validates Deyaar’s capability to launch and develop projects that respond to existing market needs and provide exceptional value to customers,” said Saeed Al Qatami, CEO of Deyaar Development.

Tracking rent rises across prime and up-and-coming communities, real estate portal propertyfinder.ae has reported that whilst Dubai Marina and The Springs experienced a 27 percent and 30 percent year-on-year hike in rental values respectively, prices in Downtown Dubai — encircling the magnificent Burj Khalifa — also rose by close to 25 percent during the same period. Interestingly, rents in Dubai Sports City, an area that has risen in popularity recently, saw a dramatic 66 percent spike between January and February 2014 compared to renting prices in the first quarter of 2013.

Does this spell doom and gloom for renters? No, says Renan Bourdeau, deputy CEO ofpropertyfinder.ae.

“More than 35,000 units are expected to hit the market this year, with the majority of stock coming up in Dubailand, Dubai Sports City and Jumeirah Village, communities that offer good value. This will offer tenants the opportunity to rent in areas where their money goes further. Also, a key upshot of the upward pressure on rents may be that renters are encouraged to get a foot on the property ladder by purchasing for themselves, instead of constantly worrying about how much values will go up by next year,” said Bourdeau.