Rents in Dubai are recovering fast, especially in the high-end areas where rents are going north at a double-digit rate.
According to real estate consultancy, Asteco, apartment and villa rental rates continued to record a notable upward trajectory in third-quarter 2021, with quarterly increases of three per cent and six per cent, respectively. Annual rental growth in the villa market was particularly significant with 19 per cent, whilst average apartment rental rates rose marginally by three per cent.
Of late, the local residential market witnessed many residents shifting their localities in Dubai as apartment rentals became more affordable following a persistent decline over the last few years. Many of them moved to villas as companies increasingly asked employees to work from home during the pandemic.
Listed by Asteco, below is the list of 14 areas and how much rents residents pay for a studio, one-bedroom, two-bedroom and three-bedroom apartment:
Downtown: Rents in this busy area start from as low as Dh40,000 for a studio and go up to Dh65,000 per annum. While rents for a one-bedroom unit range between Dh55,000 and Dh100,00, two-bedroom between Dh75,000 to Dh150,000 and three-bedroom from Dh120,000 to Dh195,000.
Palm Jumeirah is the costliest place to rent an apartment in the emirate where the studio costs between Dh55,000 and Dh75,000 a year. While one, two and three-bedroom flats cost Dh75,000-135,000, Dh95,000-Dh200,000, and Dh125,000-Dh225,000, respectively.
Dubai International Financial Centre (DIFC) is home to some of the world’s top financial institutions in the region. Rents for a studio in DIFC range between Dh40,000 to Dh65,000 a year. While 1-bedroom annual rent costs Dh55,000 to Dh100,000, 2-bedroom ranges between Dh75,000 to Dh150,000 and 3-bedroom from Dh120,000 to Dh195,000.
Sheikh Zayed Road, too, is one of the most expensive places to rent a property where tenants will shell out Dh37,500 to Dh50,000 for a studio, Dh40,000 to Dh95,000 for a one-bedroom unit, Dh55,000 to Dh135,000 for a two-bedroom flat and Dh80,000 to Dh170,000 for a three-bedroom unit.
Business Bay enjoys a high prominence for its strategic location between two major roads – Sheikh Zayed Road and Al Khail Road – which enables people to easily connect with the Old and the New Dubai. Rents range between Dh32,500 to Dh50,000 for a studio; Dh40,000 to Dh75,000 for a one-bedroom apartment; Dh62,500 to Dh120,000 for two-bedroom unit and Dh100,000 to Dh145,000 for a three-bedroom flat.
Dubai Marina is a popular place among the Western expatriates. Studios there range between Dh35,000 to Dh60,000; 1-bedroom from Dh37,500 to Dh100,000; 2-bedroom from Dh55,000 to Dh150,000; and 3-bedroom from Dh80,0000 to Dh200,000 a year.
Akin to Marina, Jumeirah Beach Residence (JBR) is also a popular neighbourhood for apartments. Rents are priced between Dh52,500 to Dh60,000 for a studio; Dh60,000 to Dh90,000 for 1BHK; Dh80,000 to Dh127,500 for 2BHK; and Dh105,000 to Dh165,000 for 3BHK.
Jumeirah Lake Towers is a mixed-use locality and home to several companies dealing in commodities and other products. It’s comparatively more economical than the similar localities where rents start from Dh30,000 for a studio and go up to Dh42,500 a year. While 1BHK, 2BHK and 3BHK cost Dh40,000-Dh75,000, Dh50,000-Dh110,000, and Dh80,000 to Dh125,000 annually, respectively.
Studio apartments in the Greens range between Dh35,000 to Dh47,500; one-bedroom from Dh45,000 to Dh90,000, two-bedroom from Dh75,000 to Dh120,000 and three-bedroom from Dh105,000 to Dh155,000.
Deira, one of the oldest business hubs in the emirate, is a more affordable area for the tenants. Studio apartments cost between Dh15,000 to Dh35,000; one-bedroom between Dh25,000 to Dh52,500; two-bedroom from Dh35,000 to Dh80,000 and three-bedroom from Dh60,000 to Dh95,0000.
Located close to Jebel Ali, Discovery Gardens is rather a more affordable community, too, in New Dubai where annual rents for a studio range between Dh17,500 to Dh27,500. While 1BHK and 2BHK range between Dh27,500 and Dh45,000 and Dh50,000 to Dh65,000, respectively.
Located on Sheikh Mohammed bin Zayed Road, Dubai Sports City is expanding fast. A studio in the Sports City range between Dh20,000 to Dh30,000. While 1BHK, 2BHK and 3BHK cost Dh27,500-Dh42,500, Dh40,000-Dh65,000 and Dh60,000-Dh80,000.
Tenants in Jumeirah Village Circle generally pay between Dh20,000 to Dh40,000 for a studio; Dh27,500 to Dh60,000 for a single bedroom unit; Dh42,500 to Dh90,000 for a 2-bedroom apartment and Dh75,000 to Dh100,000 for a 3-bedroom flat.
International City is the most economical area in Dubai with annual rents starting from as low as Dh14,000 for a studio and going up to Dh24,000. While 1BHK, 2BHK and 3BHK cost Dh20,000-Dh35,000, Dh35,000-Dh47,500, and Dh45,000-Dh65,000, respectively.
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