Elevated rents in Dubai are a common fact that cannot be denied, especially if you are opting for commercial areas and high-end neighborhoods.
But only now you can look forward to renting in Dubai for less.
According to a research published by Jones Lang LaSalle Incorporated, JLL MENA, an expert company in real estate, new residential projects coming soon to Dubai are expected to increase the affordability in the area upon completion.
JLL reported a huge decrease in rents during the first quarter of 2018, compared to 2017; a 6.5% decrease in apartments and a 10.2% in villas.
Where can you save more?
Bayut.com, a pioneer in the UAE’s real estate, published a report about the properties in Dubai during the first quarter of 2018, in which it revealed that the following areas have witnessed the highest drop in rental prices:
Dubai Marina, where renting prices witnessed a 3.3% decrease for 1-bedroom apartments (average price/year $23k) and 2-bed apartments stayed the same ($35k).
International City, “the most budget-friendly flats in Q1 2018” according to Bayut, the rent of studios declined by 3.33% (to $8k), while 1 and 2-bedroom apartments rent stayed stable ($11k and $16k respectively).
Al Nahda, where studios’ renting prices remained the same ($10k), but prices for 1-bedroom apartments dropped by 3.4% ($13k).
As for villas, the prices dropped as follows:
In Mirdif, a family-friendly and suburban neighborhood, rents have dropped by 5% and 10% for 4 and 5-bed apartments, respectively, while the average annual rent of a 3-bedroom villa has stayed the same ($31k).
Jumeirah, where prices have decreased for 3-bedroom villas ($48k), 4-bedroom villas ($60k) and 5-bedroom villas ($75k).
“The declining prices for properties in Dubai suggests that landlords are keeping things extremely competitive to attract the renters in the city,” Bayut added.
Visibly increased prices in Umm Suqeim
The areas that witnessed an increase in rent are comparatively less:
Dubai Marina, where renting prices witnessed a 3.3% increase for studios (average price/year $17k).
Al Nahda, where 2-bedroom apartments rent rose by 3.17% (to $18k).
The only notable locality where villa rents increased is Umm Suqeim; the rent for 3-bedroom villas went up by 8.1% to $55k, 4-bed villas by 10% to $60k and 5-bed villas by a substantial 14% to $77k.