Despite the fame of one of the best and most comfortable places to live in, “future city" has some rental issues, always quite acute for a big part of tenants. According to analysts, tenants usually have to spend up to 50 per cent of their income on rent. However, Dubai’s real estate market is quite ambivalent, and even here, in one of the most expensive global cities, you can find affordable rental options. But there are good news for the landlords too: expensive locations remain expensive and demanded.
Rentals may vary considerably in Dubai, depending on different factors, including, as elsewhere, the supply/demand balance in a particular area or residential community, the quality or lack of infrastructure, the proximity to the city center and to Dubai’s main attractions, as well as easy access to public transport or convenient transport interchanges in place.
To date, more or less remote areas, or entirely new developments tend to be the most affordable locations to rent property in Dubai. Top-5 cheapest Dubai areas in terms of housing rents are the following:
1. International City — here you can rent a studio at a price starting from AED 37,500 per annum.
2. Deira — the cheapest studio in the area, which has received a new impetus to further development after the opening of the Dubai Canal, will cost you AED 45,000 pa.
3. Jumeirah Village — the cost of annual studio rent here starts at AED 47,500.
4. Discovery Gardens — Asteco analysts say, that a minimum rental price for a studio in this well-developed emirate’s area stands at AED 49,000 pa.
5. Jumeirah Lakes Towers (JLT) — surprisingly, but this not so far-flung area of Dubai with excellent rental options also managed to get into the Top-5 of the most affordable Dubai’s locations to rent in, according to Asteco, though having taken the last position in the ranking — an average rental price for a studio in the area stands at AED 65,000 pa.
And Top-5 most expensive areas to rent residential property in Dubai, as usual, have little novelties. It traditionally includes Burj Khalifa, Palm Jumeirah, JBR and Dubai Marina. The maximum rental price allowed by RERA for one-bedroom apartments in these areas ranges between AED 150,000 and AED 170,000 per annum, not taking into account exclusive options of villas and mansions rents on the Palm island, where prices can be set individually in each case. On the background of this top Dubai areas, perhaps, only DIFC free zone on the border of the Old and New Dubai stands out in the Top-5 most expensive areas to rent, as well as residential and commercial property in the skyscrapers along Shaikh Zayed Road in the areas of Trade Centre 1 and 2 in western Dubai, also listed in this ranking, according to Asteco.