You may have heard recently that rental rates are falling in Dubai. And in general, that’s true, according to a couple of recent reports. One released by real estate consultancy Asteco last week said that, on average, Dubai rents are 4% cheaper than they were this time last year.
Now, a 4% reduction in rent probably doesn’t warrant taking on the cost and hassle of moving home. However, the differences are more extreme depending on the area of Dubai you’re looking at. Indeed, with rents falling by up to 18% in some districts, suddenly there’s an argument for investigating whether you can get more property for your money.
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But where should you look? Well, we’ve trawled through Asteco’s recent Q3 2017 Dubai Real Estate Report to work out the most attractive areas in Dubai in terms of apartment rental rates. Read on for inspiration on where your new flat should be. And if you’re looking for a house, check out our run-down of the best areas for villas.
Yep, living in the heart of Dubai just got more affordable. In fact, you’d be surprised at how much apartment rental rates have dropped over the past year – 18% to be precise. In terms of the prices you can now expect to pay, you’re looking at AED 75,000 to AED 120,000 per year for a one-bedroom flat, AED 95,000 to AED 160,000 for two bedrooms, and AED 150,000 to AED 250,000 for three bedrooms.
According to Asteco, The Palm’s apartment rents have dropped by 13% since last year, meaning it’s now, you know, semi-possible to consider living there. That said, prices are still generally higher than they are in Downtown Dubai, but Palm apartments tend to offer more space, so it’s swings and roundabouts. Anyway, for a one-bedroom flat, you’re looking at an annual rate of AED 80,000 to AED 150,000. For a two-bed, it’ll be AED 110,000 to AED 200,000, and a three-bed will set you back AED 150,000 to AED 300,000.
Rental rates in Dubai Marina have dropped even further since last year – by a whole 19%. And given how popular Marina is as a residential area, you’re now looking at some pretty good deals. A one-bedroom flat will now set you back AED 55,000 to AED 95,000 per year, while a two-bed goes for AED 75,000 to AED 145,000. And if you want three bedrooms, you’re now looking at AED 105,000 to AED 205,000.
Apartments in the Greens are 14% cheaper now than they were last year, according to Asteco. I can vouch for that – I actually live in the Greens and I moved apartments to take advantage of the lower prices. Anyway, it’s a great area – particularly if you’ve got pets. And now, a one-bedroom apartment will cost you AED 65,000 to AED 95,000 per year to rent (I pay AED 90,000 for mine, if you’re interested). Two-beds are going for AED 95,000 to AED 145,000, and three-beds will set you back AED 130,000 to AED 180,000.
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Dubai Sports City
Rental prices are dropping at the lower end of the market, too. According to Asteco, rents in Dubai Sports City are 16% lower than last year. And with more and more facilities being built down that end of town, it’s becoming a pretty attractive place to live. A one-bed flat now costs AED 48,000 to AED 70,000 per year, while a two-bed will set you back AED 65,000 to AED 95,000. For a three-bedroom flat, you’re looking at AED 80,000 to AED 120,000.
If you’ve always lusted after a place in ‘Old Dubai’, now’s the time to start apartment-hunting – rents have dropped by 16%. Now, the going rate for a one-bedroom flat is AED 45,000 to AED 80,000 per year. For a two-bed, you’re looking at AED 60,000 to AED 120,000, and a three-bed is AED 90,000 to AED 160,000.