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Cheapest & costliest place to rent an apartment in Dubai

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A new market report has revealed that the most expensive area in Dubai to rent an apartment is The Palm Jumeirah. At the other end of the scale, International City is the cheapest.

MPM Properties, the real estate subsidiary of Abu Dhabi Islamic Bank, released their latest market report to show rental prices in various areas of the city. According to the report, you pay between AED88 to AED200 per square foot on The Palm. This puts the average rent for a studio at AED88,000, while one and two bedrooms average at AED123,000 and AED165,000.

At the other end of the scale, properties in International City range from AED37 to AED70 per square foot. According to the findings, the average rent for a studio is AED37,000, with one-bedrooms being AED48,000 and two-bedrooms at AED70,000.

MPM claim that the average rent fell in all 11 locations analysed in the second quarter of 2016. The biggest drop was seen in Business Bay, where rents fell by 5.93 percent. This is followed by Jumeirah Lake Towers, where rents fell by 5.60 percent. Annual rents for studios in JLT are now at AED66,000, with one and two-bedrooms at AED84,000 and AED118,000 respectively.

Discovery Gardens had the least rent reduction of all the areas in the report, only falling by 0.67 percent.

This report follows news that mortgage enquiries from middle-bracket earners in the UAE have shot up, according to finance comparison site compareit4me.com. Apparently recent figures show that the highest growth in mortgage enquiries so far this year comes from people earning between AED8,000 and AED19,999 per month.

If you break that down even further, the number of enquiries made by people in the AED8,000 to AED11,999 bracket tripled between March and April this year, in comparison to the previous 22 months.

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