In Dubai property, Jumeirah Village Triangle, Springs see rents drop - other locations too

Dubai: Apartments in Jumeirah Village Triangle (JVT) are among the handful of locations in Dubai seeing rents drop currently – and which could extend to more mid- to upper-mid income communities in the city.

Listings show studios in Jumeirah Village Triangle at around the Dh50,000 mark, while 1-bedrooms are showing a wide range between Dh78,000 and just over Dh100,000, depending on the age of the building and whether the units come fully furnished or not.

On a 12-month basis, new lease rates at JVT are seeing a 2.64% drop. Now, that would shave off only a few thousands from a new rental contract entered into for a JVT home – but that’s still some saving.

But the key detail is that more communities in Dubai are actually seeing rent declines, according to data from GCP Properties. And at some of these places, quite substantially.  

If the rental drop extends to Jumeirah Village Circle as well, that would be a decisive break for residents looking at housing options near enough to the main parts of the city. A studio is listing at Dh65,000, while 1-bedroom apartments are showing landlords asking for Dh75,000-Dh90,000.

“Homes at The Springs have seen new rent leases fall by 6.6%,” says data from GCP Properties. This is ‘much more noteworthy than the 12-month change’ seen at the upscale villa residential community.

So, current listings show a 3-bedroom unit asking for Dh200,000 and a 3-bedroom property where the landlord wants Dh245,000.

These rent declines are also the first to show up since Dubai introduced the ‘smart’ rental index at the start of 2025.

It is leading to a two-tier rental market, where certain mid-tier locations continue to see rental gains of 5%-15% on average as they level up. And there are those upscale locations where rents have peaked – and are now starting to drop.

So far, the biggest rent drops are at The Lakes and Jumeirah Park, which are averaging 10.76% and 9.66% on an annualized basis up to end June. A 3-bedroom home at Lakes is showing up at Dh285,000, while in Jumeirah Park, 4-bedroom villa rents are from Dh370,000.

The bigger question is how soon will it be before rental declines trickle down to more communities and buildings in Dubai. And even if a rent drop doesn't happen, even rent stability will be good enough...