A market survey released this week revealed Dubai's most expensive areas and communities to live in.
While the rents have been falling for some time and some residents have even started asking landlords for lower rents, these posh areas command rents as high as 30 per cent above average.
According to the report, the median rent of an apartment in Dubai is around Dh89 per square foot. Converting this into rent figures for a studio, it would cost anywhere from Dh35,000 to Dh62,300 (400 to 700 square feet). This could also change based on factors such as locality, metro or bus stop access, ease of commute etc.
Here are the most expensive communities to rent in Dubai:
One of the most posh areas in the emirate, Downtown Dubai, according to this report, rents out at an average of Dh117 per square foot; 31 per cent more expensive than the median rate.
While a recent Asteco report revealed rents dropping in the area by around 18 per cent, Downtown Dubai remains the most expensive place to live in Dubai.
Old Town is a residential community within Downtown Dubai, and that in itself explains its place on this list. The average rent here is reported to be Dh115 per square foot.
While The Views has seen a dip in buyer's prices for apartments, it is still one of the five most expensive communities to rent in at Dh109 per square foot.
Preferred by many senior level business executives and managers, DIFC is a rental hotspot. Preferred for its proximity to areas including Downtown Dubai, Business Bay and old Dubai; it also has a dedicated metro station. The average rent here is Dh102 per square foot.
Dubai Marina also saw a 19 per cent drop in rents. However, it still holds the fifth most expensive community tag at an average rent of Dh99 per square foot.
Source: Property Finder