Rents in Dubai are slowly rising, but property prices are down slightly in August, according to data from Reidin.com.
Residential rental prices in the emirate rose by one per cent in August, registering a yearly increase of 21.6%, Emirates 24/7 reported. Apartment rents rose 1.19% month-on-month (m-o-m) and 24.1% year-on-year (y-o-y). Villa rental, on the other hand, rose by mere 0.03 % m-o-m and 9.4% y-o-y.
Apartment owners in the newer freehold areas are likely to offer lower rents in order to attract tenants.
Emirates 24|7 reported on Wednesday that the Dubai’s official rent index revealed that rents of a studio apartment in Arjan, Dubailand, was between AED25,000 and AED30,000 per year.
Separately, Propertyfinder.ae, a property website, put International City, Discovery Gardens, Dubai Silicon Oasis, Dubai Investment Park and Dubailand as the least expensive locales for renting property.
Median rents in the third quarter 2014 for International City stood at AED42,000 per year; Discovery GardensCAED58,500 per year, Dubai Silicon Oasis AED60,000 per year, while Dubai Investment Park and Dubailand were at AED65,000 per year, respectively.
“Rents are experiencing a slowdown in certain areas. For instance, in Jumeirah Lake Towers, apartment rents fell by 4.6 per cent between June and August,” said Michael Lahyani, CEO, Propertyfinder.ae.