Friday, March 22, 2013

Cheapest and costliest areas to rent studios in Dubai

According to RERA rental index, the rentals for studio apartments in International City and Dubai Investment Park (DIP) remain lowest among Dubai freehold communities, while the lease rates in Downtown Dubai is the highest.

Lease rates in International City is in the range Dh.20,000 to Dh.25,000 per annum, which has grown by 33 percent, in comparison to the final index update of 2012. Rentals for single and double bedroom apartments continue to be the lowest in International City. Single bedrooms are available for Dh.25,000 to Dh.35,000 p.a., while double bedrooms are in the range Dh.35,000 and Dh.40000 p.a., followed by DIP, DSO and IMPZ.

The rentals for studios in Dubai Investment Park are currently in the range Dh.20,000 to Dh.25000 per annum, which remains unaltered, in comparison to the last updated index.

Rentals for studios in Dubai Silicon Oasis (DSO) are in the range between Dh.25000 to Dh.30,000 per annum, while leases in International Media Production Zone (IMPZ) are in the range Dh.22,000 and
Dh.30,000 p.a. In Discovery Gardens, the lease rates vary from Dh.25,000 to Dh.35,000 p.a., but overall have registered a 17 percent growth.

The most expensive community to rent a studio is Downtown Dubai, with rentals falling in the range Dh.55,000 and Dh.75,000 per annum. The Dubai International Financial Centre follows with rentals in the range Dh.45,000 and Dh.70,000 per annum.

The rent index aims to provide tenants and landlords with a guideline to rent pricing, and is updated thrice a year.

The Asteco Managing Director, John Stevens, said that if demand continues, there will be a shift in the market from being predominantly tenant-led market to one controlled by landlords, particularly in quality, well-managed and established developments.

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