Areas with the biggest rent declines in 2019
Discover where Dubai rent prices fell the most in the first quarter of 2019.
A new report has shed light on where rents in Dubai have declined in the first quarter this year, revealing Jumeirah Lake Towers (JLT) and Jumeirah Village to be among the areas with the biggest decline in annual rent.
Shared by property services company Asteco, it displays how rent in Dubai between January and March 2019 has fallen by an average of 3 percent for apartments and villas, compared to quarter four in 2018.
A quick search on property listing websites will demonstrate just how much rents have fallen in expatriate communities; for instance, a 2 bedroom unit in the Springs in 2017 was worth AED 130,000 in rent. Today, prices can be found from AED 95,000 to AED 115,000.
The cost of renting an apartment in JLT and Jumeirah Village is down by 16 percent, versus the same period last year. Annual rents in Dubai Sports City and The Greens have dropped a huge 14 percent, compared to quarter one of 2018.
According to the report, villa rental prices in The Lakes, Mirdif and Jumeirah Village have seen a decline of 14 percent, and The Meadows has also seen one of the biggest declines in rent.
Areas with the biggest rent declines in Dubai
If you’re thinking of moving or renegotiating your rent, here’s an overview of how rental rates have changed across all major communities in Dubai:
Palm Jumeirah: -12%
Sheikh Zayed Road: -10%
Business Bay: -13%
Dubai Marina: -8%
The Greens: -14%
Jumeirah Beach Residence (JBR): -12%
Discover Gardens: -11%
Dubai Sports City: -14%
International City: -9%
Jumeirah Village: -16%
Arabian Ranches: -8%
Dubai Silicon Oasis (Cedre Villas): -3%
Dubai Sports City: -8%
Jumeirah Park: -6%
Jumeirah Village: -14%
The Meadows: -10%
Palm Jumeirah: -9%
The Springs: -10%
The Lakes: -14%
Umm Suqeim: -8%
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