Rents of two-bedroom apartments in International City have declined by 7.69 per cent to 10 per cent for 2016 compared with 2015, an Emirates 24|7 analysis of the latest update of Dubai’s official rent index shows.
Leases for two-bedroom apartments range between Dh45,000 and Dh60,000 per annum (pa) as against Dh50,000 to Dh65,000 pa in 2015.
Two-beds in Jumeirah Lakes Towers (JLT) fell by between 8.33 per cent and 10 per cent, with lease rates ranging from Dh110,000 to Dh135,000 pa compared with Dh120,000 to Dh150,000 pa in 2015.
Rentals for two-beds in Downtown Dubai currently range from Dh160,000 to Dh180,000 pa, down by 5.26 per cent to 5.88 per cent. In 2015, rentals were between Dh170,000 and Dh190,000 pa.
In Business Bay, rates fell by 8.33 per cent, with annual rents Dh110,000 to Dh140,000 compared with Dh120,000 to Dh190,000 in 2015.
The index also revealed rents in Dubai Marina to be in the range of Dh140,000 to Dh180,000 pa, slipping 5.26 per cent, from Dh140,000 to Dh190,000 pa in 2015.
Palm Jumeirah rentals dropped 4.35 per cent to 5.55 per cent with annual rates ranging between Dh170,000 and Dh220,000 compared with Dh180,000 to Dh230,000.
In Discovery Gardens, rents fell 5.88 per cent, with rentals between Dh70,000 and Dh80,000 pa, compared with Dh70,000 to Dh85,000 pa in 2015.
Rents, however, remained stable for two-bed units in below freehold areas .
- Remraam: Dh75,000 to Dh85,000 pa
- Jumeirah Village: Dh80,000 to Dh100,000 pa
- Arjan: Dh50,000 to Dh65,000 pa
- Dubai Sports City: Dh80,000 to Dh100,000 pa
- Sky Courts (Dubailand): Dh60,000 to Dh75,000 pa
- International Media Production Zone: Dh65,000 to Dh80,000 pa
Emirates 24|7 had reported earlier that the rent index will be updated only once from 2016.
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