Cost of housing in Dubai was cheaper in August as compared to prior months, but some tenants in popular communities are still witnessing rise in the prices.
Recent property review displayed that Dubai rents for most types of apartment reduced by 5 % in the month of August. However, a close look at prices of various localities unveils contrasting trends with values moving upwards for some of the famous areas like International City, Bur Dubai & Jumeirah Lake Towers.
The city rental market reflected the affordability factor in August 2016 which also remained the center of discussion in Dubai. The rental market for apartment saw the values going down which delighted the renters according to the report of Bayut.com, a property portal having thousands of property listed with it.
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The report of property specialist of august 2016 stated that the median prices for studio flats across different locations were priced at Dh 54,000 which amounted to 5% drop from previous month. In bur Dubai and international city’s studio flats experienced a rise in the rentals of about 4% and 11% resp.
There was a slight increase in the rents for 1BHK by 1% to Dh 93,000 on average in august, Whereas 2 bed unit experienced 2% decline on an average costing Dh 142,000.
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1 bedroom property remain unaffected in Dubai Marina costing at Dh 1,336 per year but the prices dropped by 3% in Business Bay from Dh 96,324 to Dh 93,786.
Prices for 1 bedroom flats were increased by 3%, 5%, 1% and 11% in JLT, International City, Downtown Dubai and Bur Dubai resp. 3 bedroom flat prices decreased by 4% from Dh 206,000 in July to Dh 197,000 in august.
Costing for accommodation in Abu Dhabi continues to be strong in August with an average rental value registering increase of 3% over July 2016.
Picture Courtesy: www.livingindubai.org
Two main markets of UAE still attracts investors with relatively affordable prices and luring rental ROI with Dubai measuring real estate transactions worth an amazing $43 billion by the year end of August 2016.
Rental price changes in select communities (between July and August 2016)
Bur Dubai: From Dh 70,466 to Dh 78,236 (11 per cent)
International City: From 47,207 to Dh 49,554 (5 per cent)
JLT: From Dh 87,717 to Dh 90,623 (3 per cent)
Downtown Dubai: From Dh 117,841 to Dh119,008 (1 per cent)
Dubai Marina: From Dh 101336 to Dh 101,453 ( 0 per cent)
Dubai Silicon Oasis: From Dh 62,527 to Dh 62,700 (0 per cent)
Business Bay: From Dh 96,324 to Dh 93,786 (-3 per cent)
These prices are for one-bed flats.