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30 November 2023

Which Dubai communities saw highest rent rise in 2013?

By Parag Deulgaonkar

Asking rents for two- and three-bedroom apartments in Jumeirah Village Circle rose by 50 per cent and 37 per cent, respectively, in 2013, according to statistics released by dubizzle.com.

Lease rates in JVC stood at Dh60,000 per annum (pa) for two beds, but by year-end jumped to Dh90,000 pa, while three-beds that were available for Dh95,000 pa in January 2013 went up to Dh130,000 pa by year-end.

Dubizzle said the advertised median prices derived from property adverts placed by real estate agents, landlords and sellers on their website.

Tecom saw annual rents for two-bed units jumping to Dh100,000 in December 2013 from Dh85,000 in January, an increase of 18 per cent. Three beds climbed by 35 per cent from Dh107,500 pa to Dh145,000 pa by end of 2013.

Asking rents for two-bed units in Dubai Marina jumped by 12 per cent to Dh140,000 pa by year-end from Dh125,000 pa in January. Three beds jumped by 14 per cent to Dh200,000 pa from Dh175,000 pa during the period.

Annual rents for two-bed units in Downtown Dubai rose to Dh160,000 from Dh145,000, registering a 10 per cent increase. Lease rates were up mere 2 per cent for three beds, opening the year with Dh260,000 pa and closing the year at Dh265,000 pa.

Rents of two- and three-bedroom units in Jumeirah Lakes Towers rose by 21 per cent and 7 per cent rent, respectively. Rents for the former stood at Dh160,000 pa by year-end from Dh150,000 pa in January, while the latter increased to Dh120,000 pa from Dh99,000 pa.

Rents for two-bed units in Greens rose to Dh128,000 pa from Dh145,000 pa, an increase of 13 per cent. Three-bed units saw rose by 21 per cent to Dh170,000 pa pa from Dh140,000 pa during the year.