Dubai Property Rents are expected to raise 8-10% in Downtown and Old Town in Dubai

Monday, October 22, 2012

Downtown and Old Town are located adjacent to each other in central location of Dubai City. Both of these areas are in high demand among local residents as well as expat workers migrated to this emirate for attaining better lifestyle. Old Town as its name represents mainly comprises of low rise residential dwellings constructed in traditional Arab style. Whereas, Downtown is the newly developed area chiefly possesses high rise residential and commercial towers. Due to modern architectural design and availability of urban lifestyle facilities high rise towers have become more popular among residents who are willing to enjoy luxuries of modern lifestyle. Major factor making such high rise towers more desirable among tenants is availability of more facilities at low rents.

 

Dubai Property Rents

 

Due to high demand of these areas among migrants and expats, considerable rise in property rent has been observed. Real estate experts observed rise in property rents of these areas. All types of residential dwellings are popular among expats at different levels. Old Town is typically famous among residents who want to prefer in low rise buildings rather than multi storey towers. In contrast, Downtown Dubai is favorite choice among expats who like modern life amenities around them like gyms, play areas, recreation center and shopping malls. Burj Views, South Ridge and Residences are few of the popular residential towers located in the area, which houses basketball courts, squash courts, Fitness Center and pools.

 

Emirates 24/7 spoke to real estate state experts working in leading property management firms to talk about expected rent rates specifically in these two areas. According to Rushiraj Mehta of Legacy Real Estate both areas are equally popular among tenants. He further quoted rents are expected to raise 8-10% in Old Town and Downtown Dubai. Whereas, according to data provided by Better Homes one bedroom rents start from Dh85, 000 and exceed to Dh120, 000. A two bedroom unit can be rented on Dh125, 000 to Dh170, 000. Moreover, three bedroom apartment’s rent rate will exceed to Dh190, 000 to Dh280, 000. Mehta also indicated that service charges will remain same in both areas and starts from Dh20-25/sqft and may exceed to Dh34/sq ft according to Asal Abedi from Better Homes.

 

Although, Old Town Dubai mainly consist of low rise buildings but it also possesses some smart residential buildings. Famous high-rise buildings of Downtown area include Burj Views, 8 Boulevard Walk and South Ridge.

Filed Under: Dubai Property

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