Dubai: Planning to move out soon because your landlord has just announced that your rent will increase in the next few months?
You are not alone. Property consultants have recently reported that, while rents were largely “unchanged” in the first three months of the year, certain locations still witnessed some price adjustments.
Areas with less popular properties did notice some decline, but apartments in communities that have just been delivered and are better established, including those in Jumeirah Village and Dubai Sports City, recorded some increases.
Asteco, however, have collected the data only for 13 locations in Dubai and these are Business Bay, Deira, DIFC, Discovery Gardens, Downtown Dubai, Dubai Marina, Greens, International City, JBR, Jumeirah Lakes Towers, Jumeirah Village, Palm Jumeirah and Shaikh Zayed Road.
Based on the available data, and out of the 13 locations monitored, Gulf News has ranked the five best areas for tenants to snap up the cheapest studio or a one-bedroom apartment today in Dubai.
Studio
For studio apartments, the best place to go is still International City, where a 484-square foot apartment can be had for Dh32,000 to Dh38,000. Rents in this area also dropped by 5 per cent in the first quarter compared to a year earlier.
In the second place is Deira, where studio apartments cost Dh35,000 to Dh55,000 to rent annually. Rents for studios in Deira registered a 10 per cent decline between the first quarter of 2014 and the same period in 2015.
For those working near Jebel Ali or Dubai Marina, Discovery Gardens could be a great place to find an affordable studio, which can cost between Dh45,000 and Dh55,000. Studio rents in Discovery Gardens have dropped by 4 per cent compared to a year earlier.
Although rents in Jumeirah Village have increased by 4 per cent year-on-year, it is still one of the cheapest places to rent a studio, with rates going between Dh45,000 and Dh60,000.
Business Bay and Jumeirah Lakes Towers, which both have easy access to the Dubai Metro, tied at the fifth place, with studios going anywhere between Dh60,000 and Dh80,000.
One-bedroom flat
For one-bedroom flats, International City is also a clear winner in the market, offering rents between Dh42,000 and Dh55,000. Average rents in the area dropped by 5 per cent year-on-year.
Not far behind is Deira, with rents ranging between Dh45,000 and Dh80,000 and dropping by 10 per cent between the first quarter of 2014 and the same period last year.
Jumeirah Village occupies the third place for the cheapest one-bedroom apartments, now costing between Dh60,000 and Dh75,000, up by 4 per cent compared to a year earlier.
In the fourth place is Discovery Gardens, where one-bedroom flats are being leased for Dh65,000 and Dh75,000 a year.
Securing the fifth spot is Jumeirah Lakes Towers, with rents ranging between Dh80,000 and Dh100,000.
5 Cheapest areas to rent a studio:
1.International City: Dh32,000 to 38,000
2.Deira: Dh35,000 to Dh55,000
3.Discovery Gardens: Dh45,000 to Dh55,000
4.Jumeirah Village: Dh45,000 to Dh60,000
5.Business Bay and JLT: Dh60,000 to Dh80,000
5 Cheapest areas to rent a one-bedroom flat:
1.International City: 42-55
2.Deira: 45-80
3.Jumeirah Village: 60-75
4.Discovery Gardens: 65-75
5.JLT: 80-100
Source: Asteco
