JLT, JBR see rents increase

24.02.2015
Discovery Gardens was the only community with rents that declined last year and saw rents falling by 2%.

While reports may be that rents across the city are falling, a new Asteco report reveals that in reality, only one community saw rents declining in 2014.

Discovery Gardens saw rents falling by 2% last year compared to 2013, but rents remained 36% below the highs of 2008. Rentals for one-bedroom units in the community remained stable at AED70,000 per annum (pa), while two-bedroom units declined to AED80,000 pa from AED83,000 pa.

The biggest rental increase was reported in Jumeirah Beach Residence (JBR) and Jumeirah Lakes Towers (JLT), which rose 15% in the last year.

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