- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:25 06:38 12:34 15:53 18:24 19:38
The official rent index of Dubai has been updated for 2016 and a data comparison done by Emirates 24|7 for one-bedroom apartments across the emirate’s freehold communities reveals rents are down by up to 11 per cent.
The new rent index, which this website reported will be updated only once a year, puts decline of 4.55 per cent to 11.11 per cent for one-beds in Business Bay, with lease rates ranging from Dh80,000 to Dh105,000 per annum (pa) compared with Dh90,000 to Dh110,000 pa in 2015.
International City reported a rental decline of 5 to 10 per cent, with lease rates between Dh38,000 and Dh45,000 pa as against Dh40,000 to Dh50,000 pa in 2015.
Rentals for one-beds in Jumeirah Lakes Towers currently range between Dh75,000 and Dh90,000 pa, down by 5 to 6.67 per cent. In 2015, rentals stood between Dh80,000 and Dh100,000 pa.
The index further revealed rentals for single bedroom units in Dubai Marina, to be between Dh90,000 and Dh110,000 pa, down by 8.33 per cent, from Dh90,000 to Dh120,000 pa in 2015.
Palm Jumeirah saw one-bed rentals drop by 3.125 per cent to 7.69 per cent with annual rates ranging between Dh120,000 and Dh150,000, compared with Dh130,000 to Dh160,000 pa.
Rents, as below, remained stable for one-beds in a majority of freehold locations.
In order to control arbitrary rental hikes, the Dubai government has already issued Decree No. 43 of 2013 concerning the percentages of maximum property rent increase that are to be allowed upon renewal of tenancy contracts. The rent increase slabs are as follows:
The decree also informs that the average similar rental value of the property will be determined by the rent index.
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