The authority is currently taking measures to prevent any unsafe products from reaching the market
uae1 hour ago
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.
Listen to this story and more on the 8@8 with David Light podcast
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
The authority is currently taking measures to prevent any unsafe products from reaching the market
uae1 hour ago
Values reach an annual $2.6 billion in gross written premiums
business1 hour ago
The hospital has treated more than 18,000 cases that required medical intervention
uae1 hour ago
Due to the recent holidays to mark Ramadan and Eid al-Fitr, students received extended leave, including for the heat alert
world1 hour ago
UAE's Ministry of Finance has put in significant efforts with the savings awareness initiatives
personal finance1 hour ago
The appointment comes a month after parliament elected Shahbaz Sharif as prime minister
asia1 hour ago
The journalist was detained for allegedly spreading "fake news" about the armed forces
world1 hour ago
Realtor holding a special sales day in Abu Dhabi
realty1 hour ago