Has the Dubai apartment rental market become more affordable?
Real estate experts are suggesting that Dubai apartment rental numbers are experiencing declines, which is good news for tenants who are looking for a new flat or villa more suited to their budget and requirements.
As per latest estimates by Bayut.com, the Dubai rental market saw prices dip further in August.
Average rents across the emirate are reported to have fallen by five percent in August compared to figures in July this year.
Reports suggest that the average rent for studios in Dubai saw a dip of about five percent standing at AED 54,000 in August 2016 from AED 57,000 in July. Rents for one-bed apartments on the other hand, went up by an average of one percent to AED 93,000 in August. Rents for two-bed apartments stood at AED 142,000 in August, declining by two percent compared to the average rent in July. Dubai rentals for three-bed apartments commanded an average rent of AED 197,000, falling by four percent from July’s values this year.
For those on a house hunt, the real estate portal also revealed that the top communities for renting apartments in Dubai were Dubai Marina, Jumeirah Lakes Towers, Bur Dubai, Downtown Dubai and Dubai Silicon Oasis. According to Bayut.com, International City, Dubai Silicon Oasis and International Media Production Zone seemed to be very popular with those looking for affordable apartment renting options. For those working in and around Jebel Ali, Discovery Gardens is a highly sought after apartment rental community. Looking for affordable villas? Check out Jumeirah Village, Dubai Silicon Oasis and The Villa project in Dubailand.
With its cosmopolitan population, wide range of property options, luxury lifestyle and diversifying economy, Dubai is a unique real estate market with some of the most sought-after and rewarding properties in the Middle East.