Affordability was an important factor for renters across Dubai, but location and high demand made Dubai Marina the most favourite locality for renting apartments in 2015.
Average annual rents of studio apartments stood at Dh76,000 in 2015. One-, two- and three-bedroom apartments averaged annual rents of Dh107,000, Dh157,000 and Dh225,000, respectively.
The second most popular locality was Jumeirah Lakes Towers (JLT), with average annual rents of studio units at Dh63,000, one bedroom at Dh92,000, two bedroom at Dh133,000 and three bedroom at Dh185,000.
Bur Dubai took the third place, overtaking Downtown Dubai. Average rents of studio, one- two- and three-bedroom apartments stood at Dh58,000 per annum (pa), Dh80,000 pa, Dh120,000 pa and Dh159,000 pa, respectively.
Downtown Dubai dropped two places from 2014 to come in fourth. Average annual rents of studios were Dh89,000. One-, two- and three-bedroom apartments averaged annual rents of Dh129,000, Dh203,000 and Dh292,000, respectively.
Economical housing aided Dubai Silicon Oasis to land a place in the top five communities. Rentals for studio units averaged Dh49,000 per year. Average rents for one-, two- and three-bedrooms stood at Dh66,000 pa, Dh92,000 pa and Dh138,000 pa, the report disclosed.
Most of the tenants in Dubai were willing to absorb a five to 10 per cent rent increase instead of budgeting for high relocation costs despite there being landlords in the market who were willing to accept lower rents. It added Dubai remained stable in the third quarter 2015 but were down by 3.2 per cent in the past one year.
Content courtesy : emirates247