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Dubai rental prices updated by RERA

06.01.2016
Dubai rental prices updated by RERA
A new report by RERA revealed which Dubai areas saw rental hikes and downs.

The dissimilarity of rental pricing remains one of the main characteristics of the Dubai rental market. While in some areas prices are falling, other locations, on the contrary, face further rental growth due to demand.

Real Estate Regularity Authority (RERA) has issued its annual official rental index update suggesting some price changes. The index showed that prices have declined significantly in some Dubai areas, and in others rentals remained unchanged or showed an increase of 3-5%.

Apartment rentals in such popular Dubai areas as Business Bay and Downtown were up by an average of 2.7 and 2.4% respectively, while rental expenses have remained unchanged for tenants in Jumeirah Lake Towers (JLT). According to the RERA 2016 rental index, you can still rent an apartment in JLT for USD 20,420 to USD 25,000 pa.

One-bedroom apartments in Discovery Gardens now cost 3.5% more in comparison with the July 2015 rates: rentals for this kind of units there are about USD 17,000-20,000 pa now.

Much still depends on the apartment size: small studios and one-bedroom apartments are usually in high demand, that’s why studios and one-bed rentals in Jumeirah Village and the Greens have not changed, while bigger apartments have slightly decreased in price.

The situation is similar in Dubai Marina. Everything depends on demand here as well. The average apartment rentals in this Dubai area stand for USD 24,500- 30,000 pa.

International City keeps the title of the most affordable Dubai areas for tenants. Rentals here declined by 14% since the middle of last year and now stand for an average of USD 10,500-12,000 pa.

Latest Availability
RENT
125,000 / year
Ref.No: OF1209
Office
1,655 ft2
76 AED/ft2
RENT
58,500 / year
Ref.No: OF662
Office
1,300 ft2
45 AED/ft2
SALE
6,800,000
Ref.No: AP1113
3BR Apt
3,003 ft2
2,264 AED/ft2
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Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration
Additional services:

Property management

Sales Process
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

Rendering of management services
Reporting

1 day

Reporting
Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Selection of optimal investment options

From 3 days

Selection of optimal investment options
Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration
Additional services:

Property management