Rental Index 2014 Shows Substantial Jump in Rents Across All Communities

Dubai: The first rental index update of 2014 shows that rents across Dubai’s major communities has risen 8 to 20 percent since the last rent index of 2013 was released.
By: IS Real Estate
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Rental Index Update

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Dubai - Dubai - United Arab Emirates

DUBAI, UAE - Jan. 26, 2014 - PRLog -- The Real Estate Regulatory Agency (Rera) brings out the latest updates of this index every four months. It is the regulatory arm of Dubai Land Department. As per the updates, the lease rates for studio apartments in International City, Dubai Investment Park and Discovery Gardens have shot up 16 to 20 per cent compared to the last update of 2013.

The rents of studio apartments are in the range of DH 24,000 to Dh46, 000 per annum. The communities include Discovery Gardens, Du bai Investment Park and International City.

Downtown Dubai
continues to be the most expensive community to rent a studio, though rents are stable as compared to the last update. The rents hover in the range of Dh 64,000 to Dh76,000 per annum.

Lowest Rent

In terms of the lowest rents International City has its one bed going to rent for Dh36, 000 to Dh47, 000 per annum closely followed by one bed units of Remraam, Dubai Silicon Oasis and Dubai Investment Park.

In the luxury class, the lease rates of apartments in Palm Jumeirah jumped 6 to 9 percent. The rents in Dubai Marina now start from Dh90, 000 per annum for one bed and Dh140, 000 is the strter for two beds.

The lease rates for two beds in Jumeirah Lake Towers shot up 15 and 20 percent. In this latest index, their rents are in the range of Dh120, 000 and Dh150, 000 per annum.

The Decree No. 43 promulgated by Dubai government in December 2013 gave widespread relief to tenants as it puts the brakes on the reckless increase of maximum property rent during the renewal of tenancy contracts. A comprehensive index update is expected later this year.

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Page Updated Last on: Jan 27, 2014
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