Rents NOT Rising in JLT, RERA Figures Show
Fears of soaring rents may be allayed by news they’re not shooting up everywhere.
JLT, Business Bay and Dubai Marina are among areas where prices have levelled off, according to the latest figures from the Real Estate Regulatory Agency (RERA).
In the Marina, the number of studio flats rented out rose by 7 per cent, with leases starting between Dhs60,000 to Dhs75,000 per year. One and two beds saw no increases and remain at Dhs90,000-Dhs120,000 and Dhs140,000-Dhs170,000 per year, respectively.Just across Sheikh Zayed Road in JLT, annual rents remained stable at Dh55,000-75,000 per year for a studio, Dh80,000-Dh100,000 for a one-bed and Dh120,000-Dh150,000 per year for a two-bed flat. Business Bay residents can also breathe a sigh of relief, as rents remained stable for studios, one-beds and two-bed apartments, with prices in the region of Dh60,000-Dh70,000, Dh80,000-Dh100,000 and Dh120,000-Dh140,000 per year, respectively.
Other neighbourhoods are still witnessing rises, notably Remraam, Discovery Gardens and International City.
Rents in International City rose by 14.28 per cent – a studio will set you back Dhs30,000 to 40,000 per year. Two-beds are up nine per cent (Dhs45,000 to Dhs60,000), while prices or one-bed apartments are stable at Dhs35,000 to Dhs45,000 per year.
RERA surveyed rental costs across Dubai from January to April 2014.