Team shortlist23 Jul 2017 AT 09:56 AM

REPORT: This is Dubai's top performing rental area

8% more space for your dirham compared to Dubai Marina
Team shortlist23 Jul 2017 AT 09:56 AM
Jumeirah Lakes Towers
© Shutterstock
Jumeirah Lakes Towers
UAE, Property
© Shutterstock

A new report published by Propertyfinder has named Jumeirah Lake Towers as the city’s top performing area for apartment rental value.

According to the report, JLT beat out the demand of areas such as Dubai Marina, Downtown Dubai and Sports City to become the most sought after property location in Dubai.

“Traffic flow and amenities in JLT have steadily improved over recent years. JLT is home to several parks, many restaurants and interesting small businesses as well as two metro stations,” said the report.

“And you still get eight percent more space for your dirham in JLT compared to Dubai Marina,” it added.

Although rents in JLT are performing better than other areas, according to an earlier report published by the real estate website, rental values are continuing to drop across the board both in Dubai and Abu Dhabi.

Speaking on the decline, Propertyfinder’s chief commercial officer, Lukman Hajje said: “The report confirms what most have suspected; prices continue to ease, both in sales and rentals across most communities in the UAE. There are a number of elements at play [including] high levels of construction in the lead up to 2020.” 

However, itseems that property sales are starting to pick up.

According to a new report published by ValuStrat, two thirds of Dubai apartments have experienced a rise in sale price in the second quarter of 2017 compared to the previous three months.

When compared to the first quarter, two thirds of the apartment sub-market witnessed growth. The areas included Motor City (up by 12.3 percent) and Discovery Gardens (up by 10.1 percent).

The report also found that while the value of the aforementioned areas has managed a steady increase, areas such as Dubai Sports City, Al Furjan Villas Dubai Marina and Jumeirah Islands have experienced a notable drop.

The decline recorded by ValuStra coincides with that previously found by Propertyfinder.

You might like

New report suggests increase in Dubai's freehold property rate