Rent hikes in Springs means end of villa life for some Dubai residents
JLT and Tecom popular choices for those moving out following rent hikes
For the past two years, The Springs has been a very popular choice for residents who prefer living in a villa.
Many families took advantage of the low rents in the community and relocated here from areas such as Mirdiff, Bur Dubai and other peripheral localities on Emirates Road.
However, after two years of low rents, the cost of renting is going up in this area, making some residents think twice before renewing their lease deeds.
“I’ve lived in this three-bedroom villa (typically called 2M) for the past two years for Dh130,000, payable in three cheques.
“We love the place but my landlord is asking for a hike now and wants the rent to go up to Dh150,000.
“We are not prepared for it. If we fail in negotiating, moving out will be the only option for us,” said a resident of Springs 11.
Another resident, living in Springs 9, told this website that he was forced to move out of the villa to Tecom, which offers cheaper options.
“My landlord hadn’t increased the rent for the past two years and he can legally do it now.
“So, we’ve taken up a place in one of the buildings in Tecom,” he said, adding that he would have loved to stay on if the rentals hadn't shot up.
Jumeriah Lake Towers (JLT) and Tecom are popular choices among those moving out of The Springs area as they are in New Dubai and closer to the Metro.
However, experts in real estate believe these may be a few cases and do not make a trend.
“We have not really seen this trend as people who are renting in The Springs like the area and they want to be in a villa rather than an apartment.
“In some cases the landlords have increased the rent but this is not a huge amount and our tenants are willing to pay the hike. Villas in The Springs are still more affordable [than some other locations in Dubai] for people who want to live in a villa,” Jan Tabrizi, Manager, Residential Sales & Leasing, JLT Office, Better Homes told Emirates 24|7.
The ongoing rent for a two-bedroom villa is between Dh95,000 and in some case goes upto Dh100,000 depending on the location.
A three-bedroom (3M and 3E type) is now leasing for Dh130,000 and some tenants are even demanding Dh145,000.
“I viewed a 3E type villa in Springs 14 for Dh170,000. The agent says the small swimming pool in the house can push the rent up.
“In 2009 my friend rented a similar place, sans the swimming pool, for Dh120,000. This is crazy,” said Amina, a potential tenant.
Bigger three-bedrooms (2M and 2E type) are available for Dh150,000 to Dh165,000 depending on the location.
Some upgraded villas with lake views are being advertised for about Dh180,000.
The rents can still be negotiated depending on the circumstances of the individual landlord, the number of rent cheques and the location. The ones with lake and park views command higher rents.
The rent for a two-bedroom villa two years back was Dh75,000 and a three-bedroom started at Dh115,000.