The Palm Jumeirah is the most expensive place in Dubai to rent an apartment, while International City is the least, new research reveals.
The latest market report from MPM Properties, the real estate subsidiary of Abu Dhabi Islamic Bank, shows that rental prices on The Palm ranged from AED88 per square foot ($23.9/sq ft) for a studio to AED200 ($54.4/sq ft for a three-bedroom apartment in the second quarter of 2016.
Meanwhile, at the other end of the spectrum, rental costs in International City ranged from AED37 ($10/sq ft to AED70 ($19/sq ft for a two-bedroom apartment during the same period (there are no three-beds in International City, according to the research).
Average rents fell in all 11 locations analysed by MPM, and the steepest decline was recorded in Business Bay, where year-on-year rents dropped by 5.93 percent.
The second biggest decline was seen in Jumeirah Lakes Towers (JLT), which registered a 5.69 percent decline year-on-year.
The third largest annual decline was seen in Greens, registering a 4.76 percent drop.
Discovery Gardens saw the least marked year-on-year decline, at 0.67 percent, according to the research.
The decline in apartment rents was higher in non-freehold areas (5 percent) than it was in freehold areas (3 percent) despite increases in new supply.
Average residential rents for both apartments and villas dropped by one percent quarter-on-quarter, and by four percent year-on-year, MPM said.For all the latest real estate 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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