RERA Updates Residential Rent Index for year 2013

Sunday, April 7, 2013

Recently RERA has updated the Dubai rent index for year 2013. The aim of the index is to provide a guideline for tenants and landlords looking for suitable rental deal all over the city. RERA’s latest rent index update compiled percentage rise for villas and apartments rents in established Dubai communities.

Rent Index 2013 for Dubai Villas

According to newest RERA’s rent index report residential communities showing increases in villa rental prices are Arabian Ranches, Jumeirah Islands and Palm Jumieiah.

 

Dibai Villas Rental

 

Arabian Ranches displayed largest jump of 22% in villa rental price. 3-bed villa rents are starting from AED130,000 to AED220,000 per annum (AED110,000 to AED180,000 pa in 2012). Four-bed units in same community showed 12.5% rise with rent rates ranges between AED170,000 and AED270,000 pa.

 

Jumeirah Islands exhibit total percentage rise of 6.4% for villa units of 3 and 4 bed rooms. Four-villas can be rented for AED280,000 to AED330,000 pa, whereas three-bed units are available for AED240,000 to AED300,000 pa.

 

Palm Jumeirah Following the progressive trend of these two communities, Palm Jumeriah has become the highest-priced Dubai community with highest rental rates for four-bed villa units that ranges between AED300,000 and AED400,000 per annum.

 

Community 1-Bed 2-Bed 3-Bed 4-Bed
Arabian Ranches -- 100-130 130-220 170-270
Jumeirah Islands -- -- 240-300 280-330
Jumeirah Village (T) 70-90 100-140 -- --
Meadows -- -- 170-240 200-260
Palm Jumeirah -- -- 250-310 300-400
Springs -- 75-110 110-170 150-200
The Lakes -- 135-160 150-240 210-290
Gardens -- -- 142-170 175-185
Green Community (DIP) -- -- 160-200 180-220
Villa rents (AED per thousand)
(Source: RERA rent calculator, First update for 2013)

Rent Index 2013 for Dubai Apartments

According to RERA’s latest rent index update for year 2013, residential communities showing huge hikes in rental cost of apartments are The Greens, Dubai Marina and Palm Jumeriah.

 

Dubai Apartments Rental

 

The Greens a project of renowned developer Emaar declared highest percentage rise of 28% for 2 bed apartment, 22% for studios and 15% for one bed apartments. As stated in rental index, two bed apartments are now leased between the ranges AED90,000 to AED110,000 per annum. Whereas, studios and one bed apartments in the same project can be rented on AED45,000 to AED55,000 pa and AED55,000 to AED75,000 pa respectively.

 

Dubai Marina manifested percentage rental hike of 18% for two bed-apartments with yearly rent ranging between AED 70,000 pa to AED 130,000 pa as compared to (AED70,000-AED110,000 pa,2012).

 

Downtown Dubai sits on third position with total percentage rise of 16% for two bed-apartments. Rental cost will increase to AED110,000- AED140,000 per annum in contrast to previous year cost of leasing (AED95,000-AED120,000, pa, 2012).

 

Other Dubai communities that are reported showing rise in apartment rent rates with slight differences include Palm Jumeriah, Jumeirah Beach Residences, Discovery Gardens and Jumeirah Lake Towers.

 

Community Studio One-Bed Two-Bed
Business Bay 35-60 50-75 70-95
DIFC 45-70 35-95 100-130
Downtown Dubai 55-75 70-100 100-140
Dubai Marina 40-60 50-90 70-130
Discovery Gardens 28-35 35-45 50-70
Dubai Investments Park DIP 20-35 40-45 40-55
DSO 25-30 30-40 40-60
Greens 45-55 55-75 90-110
IMPZ 22-30 30-45 40-55
International City 20-25 25-30 35-40
Jumeirah Lake Towers 35-45 50-65 65-100
Jumeriah Beach Residence 50-65 65-90 90-120
Palm Jumeirah -- 75-120 105-180
Apartment rents (AED per thousand)
(Source: RERA rent calculator, First update for 2013)

 

Every year RERA shares rental index to provide authentic information about rent rise in various Dubai communities. However it doesn’t mean that property rent rise will essentially follow the same pattern. It all depends on overall market condition and tenant/landlord interests.

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