The Gardens Community will launch at least 1500 new apartments for lease this year.
Leasing for four buildings in The Garden Apartment project, by Nakheel, began in second week of January. The remaining four buildings will be leased based on market demand.
According to Nakheel's renting plan in December, a small studio will be leased for Dh.24,890 (if paying by single cheque) to Dh.27,250 (in six cheques), while a large studio will be leased for Dh.30,770 (in one cheque) to Dh.33,650 (in six cheques). Meanwhile, single bedrooms are leased for Dh.43,720 to Dh.47,500, while large single bedrooms are leased for Dh.44,620 to Dh.48,500. These rentals are inclusive of service charges and cooling.
Earlier this month, Nakheel lowered rentals in The Gardens by 15 to 20 percent since December 2010, when the chiller charges grew by nearly 150 percent in November. Single bedroom apartments were leased for Dh.34,200 per annum, if tenant pays in single cheque, and Dh.40,000 per annum, if paying in six cheques.
The Chief Executive Officer of PropSquare Real Estate, Parvees Gafur, said that rentals demanded by Nakheel on these new blocks are highly variant, depending on the happenings there. While some of the blocks are getting older, the new buildings are likely to draw in tenants.
The signs of rents and price stabilisation were slightly visible in certain residential parts of Dubai, although, a broader recovery is expected towards the year-end.