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 the 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.
Waiting for prices to drop so that you can move into that apartment you’ve always wanted? We give you insight on Dubai’s most affordable communities for rent.
Located in Jebel Ali, this green and verdant neighbourhood is perfect for families. The nearest metro station is the Ibn Battuta metro station. However, this won’t last long as Dubai Metro Route 2020 will pass through it. There are quite a few good schools and nurseries in the vicinity and a wide range of restaurants and hotels for a nightlife fix.
Jumeirah Village Circle (JVC)
The family community of JVC has more than 2,000 villas and townhouses as well as schools, mosques and sports facilities. Residential villas are affordable yet spacious for practical living in a tranquil and friendly setting. Fall in love with the welcoming, down-to-earth energy in this convenient and comfortable neighbourhood. City newcomers looking for an affordable place to live in as well as families looking for a mellow neighbourhood to settle down in, will love the JVC area. If you have the budget for a townhouse here, chances are you’ll get the kind of lush front lawn and spacious layout that has the ability to rival what you’d find in some of Dubai’s most desirable neighbourhoods.
Jumeirah Village Triangle (JVT)
Jumeirah Village Triangle, is a freehold community that consists of 6,000 spacious villas close to schools, sports facilities and shopping centres. For young families, it’s an affordable taste of luxury living. The Arabic and Mediterranean themed architecture compliments a serene community that offers all the benefits of living downtown, and is also a quick and easy commute to other parts of the city. From landscaped gardens and cafés to fast food joints, restaurants, supermarkets, banks, pharmacies and florists, JVT has everything you need.
While Al Qusais may be away from the glam and gloss of Dubai, living here will not only help you save a few dirhams but also give you access to all conveniences. For instance, Sharjah is just over 20 minutes away by car during non-peak hours. This area consists of supermarkets, schools and restaurants. There is also a dedicated metro station.
Dubai Sports City
There are plenty of reasons to love Sports City, from good schools to generously sized apartments. The neighbourhood also has some of the best sporting venues in the country, featuring an Athletics Academy, Football Academy, ICC Global Cricket Academy and the Buch Harmon School of Golf. It offers a balanced approach to the city living by combining a downtown feel with a homespun vibe. Dubai Sports City has emerged as a favourite amongst longtime residents of Dubai and newcomers as well. If you’re a deal seeker who loves to close deals quickly, this area offers fantastic value.
Dubai Silicon Oasis (DSO)
Situated off Emirates Road, DSO is a 7.2-square-kilometre free zone technology park, dotted with residential and office towers. The community is a daily mix of small town charm and amenity-packed buildings, offering apartments and villas for sale and rent. It is a great draw for those seeking affordable housing options and first-time home buyers attracted to Dubai’s up-and-coming real estate market. The gated community of Cedre Villas offers villas for sale and rent. Tourists can benefit from cheap holiday rentals too. Sprinkled with cozy cafés, restaurants and schools, DSO is one of Dubai’s most fastest-evolving neighbourhoods.
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.