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Renting an apartment in Dubai’s skyscraper’s three times cheaper than in London’s

08.07.2016
Renting an apartment in Dubai’s skyscraper’s three times cheaper than in London’s
A new report from Knight Frank found that despite the highest rental income, Dubai rentals ar far from being the world’s highest.

Knight Frank new report focuses mainly on high-end accommodation in skyscrapers, that is, high-rise buildings in the center of Dubai. Rentals for such housing type here are three times cheaper than that of London, and six times cheaper than rentals in Hong Kong’s high-rises, said the report.

At the same time, according to the same Knight Frank’s data, USD 1 million can buy you almost nine more prime real estate space in Dubai than in Monaco, and seven times more luxury property than in London. That is to say, that USD 1 million could buy 155 square metres of prime property in Dubai compared to only 17 square metres in Monaco, 21 square metres in London, 20 square metres in Hong Kong and 39 square metres in Singapore.

Global Property Guide also states that the gross rental yields in Dubai can be considered among the world’s highest for now, with smaller apartments bringing rental income of about 7.21 per cent.

In comparison, gross rental yields in Hong Kong stand at 2.82 per cent, India 2.22 per cent and Singapore 2.83 per cent, while London is between 2.72 per cent and 3.20 per cent.

According to the Q1 premium real estate rental index for Dubai, published on June 30, 2016, rental prices for this housing type remain almost unchanged, falling by only about 5 per cent from March. On the other hand, the demand for rents in Dubai is guaranteed at least by the fact that, despite all the above, the emirate remains the most affordable place among the world's major capitals also due to the rents affordability.

Latest Availability
RENT
125,000 / year
Ref.No: OF1209
Office
1,655 ft2
76 AED/ft2
SALE
730,000
Ref.No: AP165
Studio Apt
630 ft2
1,159 AED/ft2
SALE
2,350,000
Ref.No: AP670
1BR Apt
1,308 ft2
1,796 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:

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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