Rents for Deira studio AED45k

Rents of apartments in the center of 'old Dubai,' Deira have gone up five times in three decades.

Rents for apartments in Deira, the old Dubai, have risen by nearly five times in last three decades, a report by Asteco reveals.

The property consultancy said annual rents for studio and three-bed units stood at AED9,500 and AED25,000, respectively, in 1986. In 2014, these rose to AED45,000 and AED135,000, respectively.

The report, which tracks the evolution of Dubai’s real estate sector from 1985, was issued as the consultancy celebrates 30 years of operation in the emirate.

The consultancy expects that the Dubai market is set for a period of stability in 2015, with softening sales activity for apartments and villas due to upcoming supply, following declining sales and rental returns in the second half 2014.

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