International City rents hitting new lows
A steep fall in rents has led to overcrowding in apartments at International City
Dubai: A steep fall in rents has led to overcrowding in apartments at International City.
Nakheel, the township's master developer, has recently advertised 455-sq.ft. studios at the development for an all-time low of Dh14,000 for tenants paying with a single cheque.
This is less than the Real Estate Regulatory Authority (Rera)-recommended rent index for July of Dh15,000 to Dh20,000 and about 60 per cent lower than rents advertised in October 2009.
"There's a rule on overcrowding, especially in labour camps," said an irate landlord who invested in IC. "But I don't see that being implemented, with overcrowding in many units used for workers' accommodation being the rule rather than the exception," the landlord added.
Another landlord said: "Here you will find bachelors packed in a small apartment. Restrict the number of bachelor occupants in a one-bedroom to four people and there will be demand for the empty apartments," a landlord has said.
An official of Trakhees, the authority implementing health and safety rules in freehold residential areas, has said that their inspectors are going on their daily rounds to curb overcrowding. "Landlords of units that have overcrowded units are fined Dh8,000 with immediate effect by our inspector," said the official.
