RESIDENTIAL RENTAL UPDATE OCT 2018
On a daily basis, we see reports on how much the rents have fallen in Dubai which has been put down to many reasons. In my opinion, the shift could be due to the amount of supply on the market released in the last 12 months as well as people preferring to lease rooms, opposed to apartments, due to the current economy.
I wanted to see what the data shows, all of the below graphs and summaries are provided by propertymonitor.ae who gather information from agencies for leased properties.
Date from the 1st July until the 25th October 2018:
The vast majority of apartment leases were in Dubai Marina, this may be due to the volume of apartment stock but due to its close vicinity to the beach, restaurants and the metro, it has always been a popular choice with expats. In the Marina, Studios average a rental of AED65,000, 1 bedroom AED83,500, 2 bedrooms AED125,0000, 3 bedrooms AED170,000 (per annum)
Due to price adjustments, the majority of leases in the Marina were in Marina Quays, Marina Promenade, West Avenue, Bay Central, and Marina Heights.
The top areas for leased villas and townhouses were Emirates Living followed by Arabian Ranches, Dubai Sports City, Jumeirah Village and then Jumeirah Park.
In Emirates Living the largest amount of leases were registered in The Springs followed by the Meadows and then The Lakes.
The average price for two bedrooms was AED117,000, three bedrooms AED180,000, and four bedrooms AED239,000 (per annum)
If you looking to renew your current lease check the Dubai Land Department rental calculator here: https://www.dubailand.gov.ae/English/Pages/rental-increase-calculator.aspx
If you want help in renewing your contract reply to this email, even if you have not leased the property through Carlton, we are happy to assist you in the facilitation of negotiating and the renewal of your contract.
Laura Adams Managing Director
Average across Dubai
Please find the rest of the report here: