Dubai – Rent rates in Dubai remain generally cheaper in September compared to the previous month. However, some tenants in the big cities are still affected by increasing prices.
According to the latest property review, it was discovered that rent rates for a majority of apartments in Dubai have dropped by 5% last month.
“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.
Last month’s report showed a median price for studio units across various locations at Dh54,000, which is a 5% decrease compared to the previous month. Studio units in International City and Bur Dubai, on the other hand, posted recorded increases of 4% and 11%, respectively.
The price of one-bedroom apartments have increased by 1% to Dh93,000 last month. Two-bedroom flats cost Dh142,000 on average, which is a 2% drop compared to last month.
The price of one-bedroom apartments in Jumeirah Lakes Towers (JLT) has increased by 3%, and those International City witnessed an increase of 5%. Downtown Dubai and Bur Dubai recorded an increase of 1% and 11%, respectively.
Three-bedroom flats recorded a 4% drop from Dh206,000 in July to Dh197,000 last month.
“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.
Rental price changes in select communities (between July and August 2016)
- Dubai Marina- From Dh101,336 to Dh101,453 ( 0 per cent)
- Business Bay: From Dh96,324 to Dh93,786 (-3 per cent)
- JLT: From Dh87,717 to Dh90,623 (3 per cent)
- International City: From 47,207 to Dh49,554 (5 per cent)
- Downtown Dubai: From Dh117,841 to Dh119,008 (1 per cent)
- Bur Dubai: From 70,466 to Dh78,236 (11 per cent)
- Dubai Silicon Oasis: From Dh62,527 to Dh62,700 (0 per cent)