These are the areas where rent has fallen most in Dubai
Rent is a hot topic in Dubai – how much you’re paying, where you live and where the next upcoming neighbourhood is. Everyone is looking for the right apartment at the right price. The latest report from Asteco brings good news for tenants. Over the first quarter of 2017 average rents fell three percent, and over the last 12 months they have fallen by an average of eight percent.
According to their findings, tenants are becoming more conscious of the market and using their findings to either relocate or negotiate a better deal with their landlord.
However, with these figures being an average, they don’t show the full picture. In some areas rents haven’t fallen much, and in others the drop has been significant.
As expected, most of the more significant rental declines are in higher-end properties. On average rents have dropped by ten percent in Downtown Dubai, with studios ranging from AED65,000 to AED85,000, one-bedrooms at between 80,000 to AED130,000, and two-bedrooms at 110,000 to AED180,000. Rents in Dubai Marina have fallen slightly more, with an 11 percent decline over the past year. You can now get a studio for as little as AED45,000, a one-bedroom from AED65,000 to AED100,000 and a two-bedroom for AED85,000 to AED160,000.
The Palm Jumeirah has seen the greatest decline across the board, with a 14 percent drop in the last year. You can now bag a studio from AED70,000 to AED90,000, a one-bedroom for AED80,000 to AED160,000, and a two-bedroom from AED130,000 to AED200,000.
Meanwhile, those looking for the biggest bargain with mid-end properties should focus their search in Business Bay, which has seen rents fall by 12 percent. Studios now range from AED55,000 to AED85,000, one-bedrooms from AED65,000 to AED100,000, and two bedrooms from 90,000 to AED145,000.
At the lower end of the market, it seems that the cheapest place to rent is International City, with a 10 percent decline. You can get yourself a studio in the neighbourhood for between AED20,000 to AED40,000, a one-bedroom for AED35,000 to AED55,000, and a two-bedroom for AED55,000 to 70,000.
Take a look at the table from Asteco to see how rent differs across the city, and where it has fallen the most.