International City is no longer alone in offering bargain rent prices for Dubai residents.
There are many other areas in the city where rents are dropping fast to such levels, and are giving International City some serious competition for the title of ‘cheapest accommodation’ available in Dubai.
One-bedroom units in areas such as Jumeirah Village, Silicon Oasis, Dubai Investment Park (DIP) and Motor City are now renting at very close to what is being offered in International City.
A brand new one-bedroom unit in Jumeirah Village can be now had for an annual rent of Dh35,000.
Similar apartments in areas such as Silicon Oasis, DIP and Motor City would set you back by anything between Dh32,000 and Dh35000.
In comparison, one-bedroom apartments in International City are being rented out for between Dh25,000 and Dh32,000, depending on size and number of cheques offered for an annual contract.
"Considering these rents, places like Jumeirah Village and DIP are much better options than International City,” Lucy Liudmila, real estate agent at Leo Sterling Real Estate, told Emirates 24|7. “They are new and definitely better quality,” she said.
Even areas like Discovery Gardens on Sheikh Zayed Road have come down. Starting rents for one-bedroom units are Dh35,000 per annum – something unheard of even until last year.
According to a recent report by Landmark Properties, increasing supply will continue to depress rents in Dubai. According to the company, “Some developers and landlords are finally realising the implications of this supply pipeline and are slashing rents by up to 20-30 per cent below market rates in order to achieve higher occupancy in newly handed-over buildings.”
And these rates are expected to fall even further. Going forward, Landmark Advisory predicts that lease rates will continue to decline, especially in areas that suffer from maintenance and infrastructural issues.