If you’re looking to move into a villa in Dubai, now’s a pretty good time to do it. Villa rental rates dropped by quite a bit last year, according to the Dubai Real Estate Report for 2017 by Real estate consultancy Asteco.
In fact, on average, villa rents dropped by around 11% over the course of 2017, and by 22% since the most recent property price peak in 2014. That’s obviously great news for renters, who can now take advantage of great deals on bigger properties.
But where do you now get the best deals on villas in Dubai? Read on to find out.
Whether you’re looking for a three-bed, four-bed, or five-bed villa, you’ll notice that prices are way down in Arabian Ranches. Last year, annual rent prices for three-beds declined by over 20% so that they’re now around the AED 155,000 mark, and four-beds go for an average of AED 190,000 – down 19% from 2016’s average of AED 235,000. Five-beds aren’t down by quite as much, but you’ll still be paying 12% less than if you signed a contract in 2016.
When it first opened, Jumeirah Park was a pretty expensive option, but prices have since softened. Don’t get us wrong, the villas here are still at the premium end of the market, but annual rent prices for three-beds are down 16.7%, so they’re now going for an average of AED 175,000. However, if you’re looking at that sort of money, you may as well opt for a four-bed in Jumeirah Park, which will now set you back around AED 200,000 per year – 18.3% lower than the average price in 2016.
There are now some fabulous villa deals to be found in the Springs (editor’s note – this is where I’m moving soon!). Three-beds are going for around AED 145,000 per year, which is almost 20% less than the 2016 average of AED 180,000. Three-beds are the biggest villas you can get in the Springs, but if you’re interested, two-beds are going for around AED 110,000 – and you can pick one up for a lot less than that.
Okay, if you’re thinking about moving to a villa on the Palm Jumeirah, there’s a decent chance that you’re doing okay with money. And even though prices have dropped significantly over the past year, it’s still not what you’d call an “affordable” area. Still, if you’ve got the money, you won’t have to spend as much of it on rent. Annual rents for three-beds are down 14% to AED 275,000, and five-beds are now 17% cheaper than they were in 2016 – going for a cool AED 500,000 a year.
Mirdif has always been underrated as a great place to live. The houses are big, and they’re affordable, too. In fact, in the current market, villas in Mirdif are practically going for a steal. Annual rents for three-beds are down 12.5% so that they’re now sitting around AED 105,000. Four-beds are 13% cheaper, going for around AED 130,000 per year, and five-beds are now going for around AED 150,000 per year. Put simply, it’s impossible to get more space for less anywhere else in Dubai.