Dubai Marina, Discovery Gardens, International City, Dubai Silicon Oasis and Jumeirah Lake Towers remained the most popular places to rent apartments in Dubai in January 2018, according to a new market report from Bayut.com.
According to the report, average rents in Dubai Marina stood at AED 65,000 for studios, AED 88,000 for one bedroom apartments and AED 130,000 for two bedrooms.
In the next most popular area for apartment rentals, Discovery Gardens, average rents for a studio stood at AED 43,000, compared to 60,000 for one bedroom apartments and AED 87,000 for two bedrooms.
For villa rentals, Mirdif was the most popular, with asking rents falling on average. Rents for three bedroom villas stood at AED 115,000, compared to AED 130,000 for four bedrooms and AED 150,000 for five bedrooms. Other popular areas to rent villas were The Springs, Jumeirah, Al Barsha – all of which in rents declined slightly in January – as well as Umm Suqeim, where rents went up slightly.
For those looking to buy apartments, the most popular areas were found to be Dubai Marina, Downtown Dubai, Jumeirah Village Circle (JVC), Jumeirah Lake Towers (JLT) and Palm Jumeirah.
Average costs for buying apartments went down slightly in January. In Dubai Marina, the average asking price for studios was AED 837,000, compared to AED 1.3 million for one bedroom apartments and AED 2.2 million for two bedrooms.
In second place came Downtown Dubai, where studios were selling for AED 1.2 million, one bedrooms for AED 1.5 million and AED 2.8 million for two bedrooms.
With both asking rents and sale prices decreasing on apartments, the ROI on buying apartments in Dubai dipped slightly, from 6.82 percent in 2017 to 6.54 percent in January.
Villas were found to stay in line with the overall trend of asking prices going down slightly. In the most popular area for villa purchases, Arabian Ranches, the asking price for three bedroom villas was AED 3.1 million, compared to AED 4.25 million for four bedrooms and AED 5.45 million for five bedrooms.
The other popular villa communities for buyers were Dubailand, Palm Jumeirah and The Springs.
Although asking prices on average went down for villas, the ROI has gone up slightly because of continued interest in renting, from 5.04 percent in 2017 to 5.27 percent in January.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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