New Rera index shows drops in rentals across Dubai

Fall in rents bigger for upper end properties

Dubai property regulator on Tuesday updated its Rental Index, showing a decline in rents in most of the emirate’s popular areas in July 2010 compared to March 2010.

Real Estate Regulatory Authority (Rera) statistics showed that the rents dropped in most of the popular commercial and residential areas such Down Town Burj Khalifa, Dubai Marina, International City, Jumeirah Beach Residence, Jumeirah Lake Towers and others.

The figures showed that rents have dropped around between 10 to 25 per cent Dubai's more posh and popular areas since March 2010.

The statistics showed that larger apartments - such as 2 to 4 bedrooms ‑ witnessed bigger decline than those of studios or one bedrooms.

In Mirdif, rents for one bedroom apartments dropped to Dh40,000 in July against Dh55,000 in March; while rents for two bedroom apartments saw a decline of nearly 27 per cent to Dh40,000 last month from Dh55,000 in March.

Residential apartment rents in Jumeirah dropped around 10 per cent in July compared to March.

The statistics showed that studio and one bedroom apartments fell to Dh45,000 and Dh65,000, respectively, registering a drop of Dh5,000 in both the segments.

Dubai Marina also saw nearly 21 per cent decline in one-bedroom apartments to Dh55,000 last month from Dh70,000 in March this year.

In Discovery Gardens, single bedroom apartment rents dropped Dh10,000 to Dh45,000 in July; while rent for two bedrooms dropped 20 per cent to Dh65,000 from Dh85,000 during the period.

 

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