Those looking to rent apartments in Dubai in the first quarter of 2018 experienced the average annual rent drop across almost every one of the ten most searched for neighborhoods ...
The apartments in Dubai Marina commanded the highest average annual rent with studios listed for AED 62k per year and 1-beds for AED 87k per year – a 3.3% increase and decrease, respectively. The average annual rent for 2-beds stayed the same as it did in the final three months of 2017 however, at AED 130k per year.
The most budget-friendly flats in Q1 2018 are the apartments in International City, where prices remained stable for 1 and 2-bedroom apartments (at AED 40k and AED 60k, respectively) and the average annual rent for a studio declined by 3.33% to AED 29k
Another affordable and established neighbourhood is Al Nahda, where studios remained at a consistent AED 38k per year in Q1 2018, compared to Q4 2017. However, those looking for 1-bedroom apartments in Al Nahda saw prices drop slightly by 3.4% to AED 48.3k per year. Interestingly, the average annual rent of 2-beds rose by 3.17% to just under AED 65k per year.
The list of most-searched-for areas by apartment renters featured a healthy mix of both ‘old’ and ‘new’ Dubai neighbourhoods, with the likes of Dubai Silicon Oasis, Jumeirah Village Circle, Jumeirah Lake Towers and Sports City being joined on the list by the likes of Al Nahda, Deira, Bur Dubai and Al Qusais. The declining prices for properties in Dubai suggest that landlords are keeping things extremely competitive to attract the renters in the city.
