Downtown Dubai's 1BR rental deal-to-steal

Rents for one-bedroom apartments in Downtown Dubai have fallen by five per cent in the second quarter of 2013, as to first quarter, according to statistics released by dubizzle.com, a leading community and real estate website in the UAE.

The data, released on Monday, reveals rents for two- and three-bedroom apartments in Downtown Dubai rose by seven and two per cent, respectively.

Selling prices for one-bedrooms jumped six per cent, while those for three-bedrooms went up by five per cent.

Prices for two-bedrooms remained stable.

As per the Real Estate Regulatory Agency’s latest rent index update, rents for one-, two- and three-bed room units have risen by 18, 20 and 16 per cent, respectively.

Dubai Marina

Dubai Marina remained the most popular area search on dubizzle.com. Over 2.4 million property adverts (sale and rent) were viewed and 18 million searches.

Rents for one-, two- and three-bedroom apartments, listed on the website, rose by six, four and three per cent, respectively.

Listed prices jumped eight per cent for one-bed units, while two and three-bedroom units went up by 7 per cent.

Jumeirah Lakes Towers

Rents in Jumeirah Lakes Towers rose quarter-on-quarter, with one-bedrooms witnessing an increase of three per cent. Two- and three-bedrooms rose by five and eight per cent, respectively.

Prices fell for two and three-bed apartments in the master community by three and five per cent, respectively. In contrast, one-bedrooms rose by two per cent.

Palm Jumeirah

Rents for four-bedroom units (villas) in Palm Jumeirah saw rents falling by nine per cent. The listed sale prices for five- and three-bedroom units on the man-made island saw an increase of 11 per cent, while one- and two-bedroom units rose eight and five per cent, respectively.

Springs and Meadows

According to dubizzle statistics, rents for the Springs and the Meadows did not register any rises, but sale prices rose by three per cent.

The highest price change was seen in The Villa project in Dubai, which saw rates rising by 18 per cent followed by Jumeirah Village Circle (10 per cent increase). 

The number of overall listing for rental properties in Dubai went up by 11 per cent in the second quarter over first quarter, while sale adverts were 13 per cent higher in the same period.

A recent report by Deutsche Bank said property prices in Dubai saw a 6.2 per cent growth in the first three months of 2013, though apartment prices remain between 43 and 61 per cent below peak prices.

Knight Frank, a global property consultant, said property prices in Dubai rose 18.3 per cent in the past one year (March 2012 to March 2013), with the emirate maintaining its position among the top five best performing real estate markets in the world.

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