Nation has always enjoyed the advantages of geography and political stability
The vast majority of communities across Dubai recorded rental rate growth in the second quarter of 2021, resulting in an average increase of three per cent and eight per cent for apartments and villas, respectively.
Average apartment rental rates in Q2 across Dubai contracted three per cent compared with the same period last year but villa rental rates grew by a marked 10 per cent, real estate consultancy Asteco said in its second-quarter report.
“The main focus of demand has been on the villa market and despite positive market sentiment, apartment rental rate growth appears to be inflated, particularly as new supply outperforms population growth,” it said.
Around 6,650 units were delivered in the second quarter while another 22,500 are expected to be delivered in the second half of 2021, according to Asteco estimates.
The upcoming Expo 2020 Dubai is expected to lift real estate demand for the short-term period, predominantly from exhibition/site employees.
ALSO READ:
>> Dubai villa, apartment prices to rise modestly in coming years
>> UAE: How to own an apartment by paying monthly 'rents'
Following a consistent drop over the last few years due to oversupply in the real estate sector, rents in Dubai have become pretty affordable, falling to as low as Dh14,000 for a studio.
Based on Asteco data, below are the starting annual rental rates of a studio, 1-bedroom, 2-bedroom and 3-bedroom apartments for the most affordable areas across Dubai.
Studio:
>> Dh14,000 in International City
>> Dh15,000 in Deira
>> Dh17,500 in Discovery Gardens
>> Dh17,500 in Sports City
>> Dh20,000 in Jumeirah Village
1-bedroom apartment:
>> Dh20,000 in International City
>> Dh25,000 in Deira
>> Dh27,500 in Discovery Gardens
>> Dh27,500 in Sports City
>> Dh27,500 in Jumeirah Village
2-bedroom apartment:
>> Dh35,000 in International City
>> Dh35,000 in Deira
>> Dh37,500 in Sports City
>> Dh40,000 in Jumeirah Village
>> Dh50,000 in Discovery Gardens
3-bedroom apartment:
>> Dh45,000 in International City
>> Dh60,000 in Deira
>> Dh60,500 in Sports City
>> Dh75,000 in Jumeirah Village
waheedabbas@khaleejtimes.com
Nation has always enjoyed the advantages of geography and political stability
The Tiangong is expected to remain in low Earth orbit at between 400 and 450km above the planet for at least 10 years
Travel Tricks explores collaboration for MICE opportunities
The world's largest marine conservation initiative spans more than 600 sq km, an area equivalent to over 85,000 football fields
The country is supposed to hold municipal elections every six years, but cash-strapped authorities last held a local ballot in 2016
French president says Europe must support firms in AI, green energy
Leaders, former leaders and diplomats meet the former US president and Republican presidential candidate
iCademy Middle East to offer courses with the ability to transfer credits