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Tue 20 Jan 2015 01:27 PM

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Average Palm, Dubai Marina rents rise 14% in 2014, says Dubizzle

New figures released by classified ads website also shows that Uptown Motor City is only community to see drop in rents, sales prices

Average Palm, Dubai Marina rents rise 14% in 2014, says Dubizzle

Rental values of one, two and three bedroom waterfront properties in Palm Jumeirah and Dubai Marina increased by an average of 14 percent during 2014, according to new data released by classified ads website Dubizzle.

Its latest real estate report also showed that rents of one, two and three bedroom properties in Business Bay and Downtown Dubai witnessed an average increase of 13 percent.

The figures revealed that Uptown Motor City was the only community in Dubai to experience a drop in rent and sale prices from Q4 2013 for its one- and three-bed apartments.

Dubizzle said it saw more than 28 million visits to its property section in 2014, with one, two and three bedroom apartments in Dubai Marina the most searched with over 10.4 million hits.

The report said that one bedroom apartments in Deira and Bur Dubai witnessed an increase of 36 percent and 19 percent respectively while rents of three bedroom apartments in Bur Dubai increased by 24 percent.

Downtown Dubai and Business Bay saw annual rent increases of between 10-16 percent while tenants seeking rental properties with a waterfront view on the iconic Palm Jumeirah can expect an average annual cost of AED150,000 for a one bedroom apartment, AED185,000 for a two bedroom apartment and AED250,000 for a three bedroom apartment, the report added.

This represents an increase of 11 percent, 9 percent and 14 percent respectively from Q4 2013.

Despite suffering from long-term construction and traffic congestion, Dubizzle data showed that one, two and three bedroom waterfront apartments in Dubai Marina observed an increase of 11 percent, 15 percent and 18 percent respectively.

Commenting on the report, Ann Boothello, product marketing manager for property at Dubizzle said: "We can anticipate a slight dip or leveling off on property prices in the months to come."

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