Dubai: Still struggling to pay the rent? You’re obviously not alone. While property experts say housing costs are getting cheaper, tenants in Dubai are still seeing apartments that cost more than the whole year’s salary of a low-income earner.
A one-bedroom flat in Jumeirah Beach Residence (JBR), a popular neighbourhood because of its proximity to the beach and accessibility to the Dubai Tram or Metro, can cost anywhere between Dh95,000 and Dh116,000, according to Dubai’s rental index.
But not all places are created equal. Renters can find similarly-sized units, albeit farther away, in other communities. In International Media Production Zone (IMPZ), residents can rent flats for about half the price at Dh50,000.
Overall, apartments in non-freehold locations offer the cheapest options for tenants, with areas like Al Awir, Al Quoz and Al Qusais offering the minimum rates for studio apartments at Dh19,000, Dh21,000 and Dh25,000, respectively.
For those who are on the lookout for freehold properties, the top locations to check out are Dubai Investment Park, International City and Gardens, where a studio can be rented for Dh 25,000 Dh30,000 and Dh34,000, respectively.
According to Reidin, apartment rental prices registered an annual decline of 7.3 per cent in the first quarter of 2018, while villa rates dropped by 10.15 per cent. And, as more newly completed units become available to rent, there are certainly good deals – and incentives – to be had.
“There are a growing number of landlords willing to accept rental payments in multiple cheques,” Cluttons said in its latest report.
“Landlords are increasingly looking to incentivise in order to retain current tenants and have done so by setting more competitive prices and more attractive lease terms,” said Craig Plumb, head of research at JLL Middle East and North Africa.
Based on the rents indicated in the RERA rental index as of April 26,2018, here are the cheapest and most expensive places for a studio apartment in Dubai:
10 cheapest areas for non-freehold (studio)
Al Awir: 19,000 to 23,000
Al Ehibab: 21,000 to 25,000
Al Qouz: 25,000 to 31,000
Al Qusais: 27,000 to 33,000
Al Tawar: 28,000 to 34,000
Al Baraha: 28,000 to 34,000
Al Muhaisnah- Fourth: 30,000 to 36,000
Satwa: 30,000 to 40,000
Al Jaffliya: 30,000 to 40,000
Abu Hail: 31,000 to 37,000
10 cheapest areas for freehold (studio)
Dubai Investment Park: 25,000 to 35,000
International City: 30,000 to 36,000
Gardens: 34,000 to 42,000
International Media Production Zone: 35,000 to 43,000
International City CBD: 36,000 to 44,000
Discovery Gardens: 38,000 to 46,000
Dubai Silicon Oasis: 38,000 to 46,000
Dubai Sports City: 42,000 to 52,000
Green Community DIP: 42,000 to 52,000
Jumeirah Village: 43,000 to 53,000
Source: Dubai RERA Rental Index