The housing cost in Dubai is now relatively cheaper compared to other months but however, this change is yet to be implemented throughout.
The latest property review showed that rents in Dubai has dropped by 5%. Areas such as International city, Bur Dubai and Jumeirah Lake Towers are still experiencing and increment in price.
“Affordability remained the centre of discussions in Dubai and the city’s rental market reflected just that in August 2016. To the delight of renters, Dubai’s apartment rental market saw values edge down further” stated the latest report by Bayut.com (a property portal with thousands of property listings).
The median price for studio units across various locations is at Dh54,000 (property specialist’s August 2016 report).
“The two main markets of the UAE continued to lure investors with relatively affordable prices and attractive rental returns on investment, with Dubai recording real estate transactions worth an impressive $43 billion by the end of August 2016,” the report said.
Below are rental price ranges of various communities (between July and August 2016)
Downtown Dubai: From Dh117,841 to Dh119,008 (1 per cent)
JLT: From Dh87,717 to Dh90,623 (3 per cent)
Bur Dubai: From 70,466 to Dh78,236 (11 per cent)
Dubai Marina- From Dh101,336 to Dh101,453 ( 0 per cent)
Business Bay: From Dh96,324 to Dh93,786 (-3 per cent)
Dubai Silicon Oasis: From Dh62,527 to Dh62,700 (0 per cent)
International City: From 47,207 to Dh49,554 (5 per cent)