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Dubai rents up by 6-25%

05.01.2015
Lease rates for apartments in International City, Dubai Silicon Oasis and Discovery Gardens have jumped by 9 to 18% as per the first 2015 rent index compared to the last update of 2014.
Rents across some of Dubai’s master communities have risen by 6 to 25% in the first rent index update of 2015 compared to the final rent index of 2014, a comparison done by Emirates 24|7 reveals. Lease rates for apartments in International City, Dubai Silicon Oasis and Discovery Gardens have jumped by 9 to 18% as per the first 2015 rent index compared to the last update of 2014. The highest increase has been recorded in Remraam, where two-bed units have seen a rise of 13.13% to 25%. The rent index is updated by the Real Estate Regulatory Agency (Rera), the regulatory arm of Dubai Land Department, every four months. Downtown Dubai remains the most expensive community to rent a studio apartment though rents have risen between 6.66 and 7.69% compared to the 2014’s final rent index. Leases range between AED70,000 and AED80,000 pa. Dubai Marina saw rents for studio and two-bed apartments increase as well. Rates for studio units rose by 9 to 11% with leases varying between AED70,000 and AED80,000 pa.

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Lease process (Rent out)

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)

1 hour

Contract of the lessee and agency.

Up to 5 days

Real estate search.

Selection of optimal options.

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

1 hour

Contract of the tenant and agency.

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

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

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

None

the management process

1 hour

Contract of the owner and agency

1 year

Rendering of management services

1 day

Reporting

Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process

1 hour

Contract of the tenant and agency.

From 3 days

Selection of optimal investment options

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