Although most of Dubai is witnessing a drop in the rental rates, there are a few communities that are still faring better and posting growth figures. In the preceding month, rents across Dubai spanning apartment types fell by about 5%. This decrement, however, isn’t shared by all communities as rents in many popular areas of Dubai such as Jumeirah Lake Towers, International City, and Bur Dubai registered growth.
As per market reports of the last month, the average studio price across various areas of the emirate fell to 54,000 AED. This trend, however, wasn’t reflected in the rents in popular areas of Dubai. While International City recorded a growth of 4% from its value in the previous month, Bur Dubai reported a growth of 11%.
In comparison to studio apartments, only slight fluctuations were observed in the rental rates of one and two-bedroom units. 1% rise in the former and a 2% fall in the later. Meanwhile in Dubai Marina rents remained steady but a 3% drop in the rental rates was observed in Business Bay. In contrast to prevailing trends, rents in popular areas of Dubai witnessed increases. While rental rates for one-bedroom units in Downtown Dubai posted 1% hike, rental rates for one-bedroom units in JLT, International City, and Bur Dubai climbed by 3, 5 and 11 percents respectively.
In the realty circles of the emirate, talks and discussions still veer around the subject of affordability. And with many developers now stepping up to fill the mid-income housing segment vacuum, a positive mood is building up in the Dubai real estate market. In the month of August 2016, Dubai recorded transactions worth $43 billion. These are indications of the Dubai realty market now bottoming out, after which a period of growth is imminent.
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