LOOKING TO RENT? Rental Values Have Dropped In All Areas In The Last Year Except One
Property Finder, one of the regions leading property websites, published their 2017 UAE Real Estate Trends: Rental Scene report, which reflects on the last quarter and analyzes current market trends.
Despite a broad downward trend across the market, the report predicts cautious optimism for the year ahead, but what does this mean for renters?
Trends show we’re in a rental value era, and now is the time for smart renters to negotiate the price of rent.
The report shows rental values have dropped in all areas in Dubai, excluding Jumeirah Lake Towers (JLT) which saw a slight rise, and Sports City where rental values remained the same.
Apartments in the Marina and Business Bay have remained relatively flat, despite the opening of the Dubai Canal….
“According to our figures, apartments in JLT which increased by 1% was the only area to buck the downward trend. Traditionally the poor cousin of Dubai Marina life, traffic flow and amenities have steadily improved over recent years. JLT is home to several parks, many restaurants and interesting small businesses as well as 2 metro stations. And you still get 8% more space for your dirham in JLT compared to Dubai Marina.”
Lukman Hajje, Chief Commercial Officer Property Finder GROUP
Popular and sought after areas also saw a big drop
“The Palm Jumeirah and Downtown Dubai also saw significant falls. Downtown with its high concentration of high end serviced apartments has traditionally been Dubai’s most expensive place to rent an apartment but with so many big and impressive developments to come its subdues old low rise neighbour, Old Town, is proving more popular with renters.”
Lukman Hajje, Chief Commercial Officer Property Finder GROUP
Old Town is now the most expensive area for renters
“Rents have steadily increased in Old Town, falling just 0.8% in the last six months and with a median advertised price of AED 123 per square foot has just become Dubai’s most expensive”.
Lukman Hajje, Chief Commercial Officer Property Finder GROUP
