Dubai’s sought after Old Town area has seen rents go up by 10 to 12 per cent since the beginning of this year.
According to experts, the community remains popular due to its location and the lifestyle.
“Rents in Old Town have gone up by 10-12 per cent since the beginning of the year. Units with a view are highly sought after,” Asal Abedi, Community Specialist, Head Office at Better Homes told Emirates 24|7.
Buildings in the Old Town command higher rents than most other buildings in the larger Downtown area, which leads to rent appreciation.
“Rents in Old Town are higher than most buildings in Downtown, the exception being The Residences and Old Town Island,” said Abedi.
“Rents vary according to floor and view.
“However, this is what you can expect to pay in the Downtown Area,” said the Better Homes expert while commenting on what the landlords can ask for the most popular buildings in the area.
As per Abedi, the most popular building in the Downtown area is The Residences.
A one-bedroom apartment in the building can be rented out for Dh85,000–Dh90,000, a two-bedroom for Dh135,000 toDh165,000 and a three-bedroom can command a rent of Dh190,000–Dh220,000 per annum.
Rents are marginally higher in Old Town Island.
A one-bedroom unit can fetch a rent of Dh95000–Dh115,000, a two-bedroom Dh155,000–Dh175,000 and a three-bedroom can be rented out for Dh200,000 to Dh250,000 per annum.