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If you’re one of them looking to rent an apartment and could do with some information on the best areas to do so, Asteco’s report might come in handy.
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The property and association management firm’s latest report states that the most affordable location for a one-bedroom apartment in the city as of December 2017 is in International City, where your average yearly rent would be AED40,000.
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According to the report, the next two most affordable locations are Deira and Jumeirah Village, each with an average yearly rent of AED50,000 and AED55,000. Rents in these areas have declined since 2016 with the average fall being between AED5,000 and AED10,000.
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Those willing to shell out AED55,000 per year need not be limited to Jumeirah Village. One-bedroom apartments in Dubai Sports City and Discovery Gardens are available for that price tag too.
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On the other hand, some of the more expensive areas to rent are around new Dubai. The most expensive being Palm Jumeirah with an average yearly rent of AED110,000. That said, rent in these areas have fallen since 2016 with decrease figures ranging from AED5,000 to AED20,000.
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Some of the other expensive areas include: DIFC - the average annual rent is roughly AED100,000.
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Downtown Dubai and Jumeirah Beach Residence (JBR) - both have an average annual rent of AED95,000.
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And lastly, in Sheikh Zayed Road the average annual rent is AED90,000.