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Rents start from as low as Dh14,000 per annum.
Residential property rents in Dubai have fallen once again, even as some areas are seeing recovery.
The latest data for the first quarter of 2021 showed International City and Deira are the most economical for tenants looking to rent an apartment.
Data from real estate consultancy Asteco showed rents start from as low as Dh14,000 per year for a studio unit in International City in Q1 2021, and go as high as Dh100,000 per year for a three-bedroom apartment in Jumeirah Village.
Significant fluctuations were recorded across different developments and/or buildings ranging from single-digit declines to double-digit increases. Villa developments – mature and emerging – in particular recorded a surge in demand and consequently a rise in rental and occupancy rates as a result of changing working and living habits.
Rental rate growth in Dubai, according to Asteco, in the first quarter of 2021 was a “mixed bag” with positive and negative changes recorded. Average apartment and villa rents grew by one per cent and four per cent, respectively, in the first quarter.
Dubai has seen massive oversupply of residential units over the years with 24,850 units completed in 2020 and another 30,000 apartments are expected to be handed over this year. Around 1,925 units were completed in the first quarter.
Most affordable areas to rent an apartment in Dubai (annual rent)
Studio:
> Dh14,000 in International City
> Dh15,000 in Deira
> Dh17,500 in Dubai Sports City
> Dh17,500 in Discovery Gardens
> Dh20,000 in Jumeirah Village
1-bedroom:
> Dh20,000 in International City
> Dh25,000 in Deira
> Dh25,000 in Dubai Sports City
> Dh27,500 in Discovery Gardens
> Dh27,500 in Jumeirah Village
2-bedroom:
> Dh35,000 in Deira
> Dh35,000 in International City
> Dh37,500 in Dubai Sports City
> Dh40,000 in Jumeirah Village
> Dh50,000 in Discovery Gardens
3-bedroom
> Dh50,000 in International City
> Dh55,000 in Deira
> Dh60,000 in Dubai Sports City
> Dh65,000 in Jumeirah Village
Source: Asteco
waheedabbas@khaleejtimes.com
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