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If you are the lucky owner of the property in one of the most popular central areas of Dubai, such as Downtown Dubai, then be prepared to pay a considerable cost for utilities and service charges: Land Sterling consulting agency ranked service charges and maintenance payments for different areas in Dubai.
The average cost of services and maintenance in Downtown Dubai, according to Land Sterling, is the highest in Dubai and amounts to US $ 6.13 per square foot (psf) of the property.
International City, as expected, took the bottom line in this price rating, similar to the property selling price rating. Here, property owner will have to pay an average of US $ 1.77 psf. However, the highest net yield is also recorded in this particular area of Dubai. Homeowners in Dubai International City can get an average net return of 8.3% annually, while for housing in the Downtown area this figure is only 4.6%. Such findings Land Sterling made summarizing the data for the previous year, from Q3 of 2013 to Q4 of 2014.
Service charges and maintenance costs in other prestigious areas of Dubai, such as Business Bay, Dubai Marina and Jumeirah Lakes Towers, also appear to be quite considerable: the average psf service charge index here is US $ 4.08, whereas in The Greens this average figure is US $ 3.54.
In Dubai real estate mid-market the cost of community services is much lower. For Dubai Sports City, International Media Production Zone and Jumeirah Village Circle, this average is US $ 2.72 psf of living space.
Dubai authorities are working on increasing the transparency of community service charges, and in October last year RERA introduced a service charge and maintenance index for freehold areas, which covers 300 residential complexes in 22 residential areas of Dubai, and takes into account a variety of factors that affect their cost, such as the presence or absence of additional facilities in the building.
