Cheapest Dubai annual rent drops to AED22,000

Tuesday, 15 June 2010 6:56 AM

RENTAL GUIDE: Dubai's cheapest annual rent is now as low as AED22,000, according to Landmark Advisory.

The cheapest annual rent in Dubai is as little as AED22,000 for a studio in the country clusters of International City, latest figures reveal.

Landmark Advisory's rental guide for June also showed that one-bed apartments in Palm Jumeirah are now available for AED75,000, a 20 percent drop compared to March rents listed by Dubai's real estate regulatory agency.

The study by Landmark, which said on Monday that rents had declined in even the most sought after locations since April, also showed that a studio apartment in Dubai Marina now costs as low as AED38,000.

This figure represents a AED7,000 drop compared to RERA's March rental index.

Landmark's June guide also showed that four-bed apartments in Dubai Marina could be rented for AED150,000.

Landmark's rents for studios in Discovery Gardens suggest they have hit some sort of bottom, with rents listed from AED35,000 - the same as RERA's March valuation.

However one-bed and two-bed apartments have dropped by AED10,000 and AED20,000 respectively compared to March figures.

Villa rents on Palm Jumeirah showed an increase compared to RERA's figures in Q1 with a three-bed listed at AED275,000, compared to AED270,000 in March. Four bed villa rents rose AED40,000 to a minimum of AED340,000, Landmark added.

It said the cheapest villa accommodation now available to rent was in Mirdiff where a two-bed can be leased for as little as AED55,000.

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Posted by: Hany Saturday, 19 June 2010 2:54 AM[UAE] - UAE

Hello everyone, I have known the UAE, specifically Dubai, since 1981 and I can tell you that the status of Dubai is relatively normal. What is normal or abnormal? The boom that Dubai experienced was abnormal and I'm talking about the times when rational exuberance prevailed and inflation was rampant and growth was based on real estate speculation which in turn fuelled other complimentary industries, such as construction, mortgage banking, advertising, etc. That has gone away and will not be back for another 10 years and the current deflation occuring is absolutely normal and in fact, it is making Dubai a more affordable city for everyone to live and work. It is still a trade hub and a safer and much better place to live than neighboring countries. Its reputation is no longer golden like in the past but compare it to the regional regimes and I will still choose Dubai over any other place, just don't buy real estate and you'll be fine in this place. Dubai is normal now and what you call depression is what Dubai was before 2003 and that my friends is normal.

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Posted by: Saida Friday, 18 June 2010 10:27 PM[UAE]

@ Omar..please can I live in the Dubai you live in..cos i think something is wrong with the one am currently living in...

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Posted by: Telco guy Thursday, 17 June 2010 10:15 AM[UAE] - UAE

@omar, i kindly suggest you check the rest of even this newspaper (Tanmiyat today, for example) to see what is happening to many investors in Dubai. The damage to reputation has been bad, really bad. I imagine you also justify the 85% drop in new cars registrations with the metro. As i explained in another post it took madrid over 200 stations to reach this level of penetration that dubai reached with 20. But hey, what are figures and statistics against the views of your Ethiopian maid!!! PS no, this is not about hating dubai, this is about wasting the little time left without facing the issues. Dubai is still convenient for me geographically, but as of next year i may be willing to fly longer.

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Posted by: Jon Thursday, 17 June 2010 8:35 AM[UAE] - UAE

Omar - I'm beginning to think you come from somewhere that doesn't have electricity or toilets - you seem to be constantly amazed by basic infrastructure. Either that or you live somewhere else and just read the hyped up marketing for Dubai - either way, you are not describing the city from a balanced perspective. I agree with the others, your comments are just a joke.

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Posted by: zuzu Wednesday, 16 June 2010 10:49 PM[UAE] - india

Omar, i guess u a getting paid highly by some 1 to be in this kind of state and appear dazed at anything and everything in Dubai...I m not aware how much educated ur in terms of obtaining proper education and relevant degree.. i must say... u r much of an amusement to all the readers...

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