Greens' rent higher than Marina

Published Monday, March 18, 2013

By Parag Deulgaonkar

It’s official. Rentals of apartments in The Greens rose the highest, outperforming Dubai Marina and Downtown Dubai, the two communities that saw the highest transaction activity and price increases last year.

Dubai’s Real Estate Regulatory Agency’s (Rera) latest rent index update for 2013 reveals that the cost of renting a studio, one- and two-bed apartment in The Greens, a community developed and managed by Emaar Properties, jumped by 22 per cent, 15 per cent and 28 per cent, respectively.

The index, which is updated thrice a year, puts current rents for studios between Dh45,000 and Dh55,000 per annum compared to Dh35,000 to Dh55,000 stated in 2012’s last index update.

One-beds are now available for Dh55,000 to Dh75,000 pa (Dh50,000-Dh65,000 pa, 2012), while two-beds are being leased for Dh90,000 to Dh110,000 pa (Dh70,000-Dh110,000, 2012).

Dubai Marina saw rentals jump by 18 per cent for two-bed apartments with annual leases starting from Dh70,000 to Dh130,000 pa (Dh70,000-Dh110,000 pa, 2012).

In Downtown Dubai, the cost of leasing two-beds ranges between Dh110,000 and Dh140,000 pa (Dh95,000-Dh120,000, 2012), an increase of 16 per cent.

Rentals for one-bed apartments on Palm Jumeirah are priced between Dh75,000 and Dh120,000 pa (Dh75,000 to Dh115,000, 2012), while prices for a one-bed apartment in Discovery Gardens stand at Dh35,000-45,000 pa (Dh30,000-45,000 pa, 2012).

Although not mandatory to be followed, the index aims to provide landlords and tenants a guideline to rent pricing.

Rents in Jumeirah Beach Residence rose by 12.5 per cent for one-beds and are priced between Dh65,000 and Dh90,000 pa (Dh60,000-Dh80,000 pa, 2012).

In Jumeirah Lakes Towers, one-beds range between Dh50,000 and Dh65,000 pa, an increase of 7.7 per cent over the last index.

Apartment rents (Dh per thousand)

Community Studio One bed Two bed

Business Bay 35-60 50-75 70-95

DIFC 45-70 65-95 100-135

Downtown Dubai 55-75 70-100 100-140

Dubai Marina 40-60 50-90 70-130

Discovery Gardens 28-35 35-45 50-70

DIP 20-35 40-45 40-55

DSO 25-30 30-40 40-60