A new study of the Dubai real estate industry shows that the annual rent for apartments and villas have witnessed a significant dip. This decrease in rent can be attributed to many factors including new trends emerging in neighborhoods, development of new projects, etc. However, those who are looking for an apartment or villa on rent in Dubai can breathe a sigh of relief due to this dip. The study shows that townhouses and villas have decreased by an overall 10% while an average of 14% drop has been noted in apartments.
Not all the communities and neighborhoods in Dubai have witnessed this decline. However, some major areas have had a decrease in rent, which has made them the best value neighborhoods in the city. Here, we have shed light on the prominent ones among them.
For three to five-bedroom villas, Damac Hills ranks on the top of the list of best rental value areas for tenants. It has been a forever favorite for those looking for villas in Dubai due to the luxury living spaces and superior amenities it offers. The rental price of villas in this area ranges from Dhs114,000 to Dhs182,000 after a 17% decrease. After Damac Hills, Dubai Silicon Oasis ranks on the second spot. This area has witnessed a 14% discount with a price range of Dhs137,000 to Dhs152,000. Arabian Ranches 2 also had a 14% dip in price. The price range of luxury villas here is from Dhs135,000 to Dhs195,000.
Other than these prominent areas, some other communities that showed a decrease in rental value of the villas are Dubai Sports City, The Villa in Dubai Land, and Mudon. The former two had a decrease of 9% while the latter one, 10%. Prices in Dubai Sports City, The Villa in Dubai Land, and Mudon start from Dhs115,000, Dhs93,000, and Dhs109,000 respectively.
When it comes to the studio and two-bedroom apartments for rent in Dubai, Dubai South (Dubai World Central) takes the top spot. The rental value of apartments in this area for tenants witnessed a massive fall of 28%. You can find an apartment in this area in the price range of Dhs24,000 to Dhs49,000. Dubai Sports City ranks second in the list of best rental value areas in terms of apartments in the city. It saw a fall of 21% in rental value. Apartments here can be found in the range of Dhs33,000 to Dhs57,000.
The third spot is taken by Dubai Cultural Village with a decrease of 18% and a price range between Dhs58,000 and Dhs122,000. Barsha Heights is another neighborhood that has seen a fall in the rental value. With apartments starting from 38,000, the area had a 15% decrease. Similarly, Business Bay, Dubai Marina, and Dubai Silicon Oasis witnessed a 13% decrease with rental values of Dhs45,000, Dhs38,000, and Dhs26,000 respectively. Jumeirah Village Circle (15% decrease and rates starting from 121,000), Downtown Dubai (12% decrease and rates starting from Dhs51,000), and DIFC (11%) are other three prominent areas that can be considered if you are looking for apartments with the best rental values.
Apart from the above-mentioned neighborhoods, there are some areas where 10% or less discount on rental value has been recorded. These include City Walk and Palm Jumeirah.
This decrease in rent is certainly a piece of good news for people looking for an affordable living space in the city of wonders. If you need any help in finding a comfortable, affordable, and lavish living space, explore top listings at Zoom Property. You can also contact us for further assistance.