For instance, a one-bedroom unit at Jumeirah Village – one of the most searched for spots these days – can be rented for around Dh35,000, which was what it was in 2011 when it first made an appearance as a residential option. At the time, the Dubai property market was slowly emerging from the aftermath of the 2008-09 Global Financial Crisis. (Rents started shooting up from 2011 and reached their peak during 2014-15.)
In 2017, these one-bedroom units at JVC were carrying an average rental of Dh60,000.
At Discovery Gardens, it’s Dh37,500 for a typical one-bed, against the Dh38,000 a decade ago, according to the latest UAE real estate update from Asteco, which this week confirmed its acquisition by an Aldar Properties division. The rent was Dh65,000 in 2016 and Dh55,000 in 2017, according to the report.
- in Dubai, ‘Committed projects, particularly those at an advanced stage of construction, are expected to continue unabated,” according to Asteco. “This is largely due to construction-linked and post-completion payment plans.”
- New project launches may pick up slightly but this is highly dependent on the speed of economic recovery.
Dubai: Rents at some of Dubai’s most budget-friendly residential locations – Jumeirah Village, Discovery Gardens and International City have dropped to levels last seen in 2011.
For instance, a one-bedroom unit at Jumeirah Village – one of the most searched for spots these days – can be rented for around Dh35,000, which was what it was in 2011 when it first made an appearance as a residential option. At the time, the Dubai property market was slowly emerging from the aftermath of the 2008-09 Global Financial Crisis. (Rents started shooting up from 2011 and reached their peak during 2014-15.)
In 2017, these one-bedroom units at JVC were carrying an average rental of Dh60,000.
At Discovery Gardens, it’s Dh37,500 for a typical one-bed, against the Dh38,000 a decade ago, according to the latest UAE real estate update from Asteco, which this week confirmed its acquisition by an Aldar Properties division. The rent was Dh65,000 in 2016 and Dh55,000 in 2017, according to the report.
- in Dubai, ‘Committed projects, particularly those at an advanced stage of construction, are expected to continue unabated,” according to Asteco. “This is largely due to construction-linked and post-completion payment plans.”
- New project launches may pick up slightly but this is highly dependent on the speed of economic recovery.
This content was taken from Gulf News: : https://gulfnews.com/business/property/dubai-home-rents-turn-even-more-affordable—now-at-lowest-levels-since-2011-1.1613106984442
