If you’re looking to move apartments in Dubai to save money on rent, Deira is probably the best area to go.
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That’s according to the latest report from property portal Bayut.com, anyway. It said that rents for one-bed apartments in Deira have fallen by 15.38% over the past 12 months. That’s compared to the 2% to 9% drop recorded by most areas in Dubai during the first half of the year.
Still, there are savings to be made in other areas. Bayut said that two-bed apartments in Dubai Sports City are down 10.59% on the last 12 months, and rent prices in Dubai Marina have fallen by around 5%.
And it’s largely the same story when it comes to property sale prices, as well, Bayut said.
“The average property price decreases in Dubai from H2 2017 are in line with what we foresaw last year,” said Haider Ali Khan, CEO of Bayut.
“We are seeing that renters and buyers are still firmly in the driving seat, with renters likely to bargain with landlords to negotiate a lower rent, or upgrade by moving to a larger property or a new area. The decreases in sales prices open up opportunities for buyers too.”
So how much can you expect to pay? Well, in Dubai Marina, you’re looking at AED 87,000 to rent a one-bedroom apartment for the year. In Deira, one-bed rental prices have dropped to AED 55,000, though two-bed rental prices are slightly up, averaging around AED 92,000 per year.
Elsewhere, Dubai Silicon Oasis saw rents drop last year, too, with average prices for a one-bed apartment going for AED 53,000.
If you’re looking to move into a villa, rents are down in quite a few places. Mirdif is apparently the most popular area, where three-bed villas are now going for AED 120,000 per year, and four-beds are going for an average of just AED 130,000 per year.
In Jumeirah, you can expect to rent a three-bed villa for around AED 180,000, and in the Springs, average rents sit at around AED 155,000.
And because these trends have also been seen in the property sales market, Bayut said that more people might come to the conclusion that buying property is now more of an option.
“As we move into the later half of the year, we expect the prices to hover around where they are right now and for the serious parties, there will be great opportunities to invest at good price points,” said Ali Khan.