According to real estate consultancy, Asteco, apartment and villa rental rates continued to record a notable upward trajectory in third-quarter 2021, with quarterly increases of three per cent and six per cent, respectively. Annual rental growth in the villa market was particularly significant with 19 per cent, whilst average apartment rental rates rose marginally by three per cent.
Of late, the local residential market witnessed many residents shifting their localities in Dubai as apartment rentals became more affordable following a persistent decline over the last few years. Many of them moved to villas as companies increasingly asked employees to work from home during the pandemic.
Listed by Asteco, below is the list of 14 areas and how much rents residents pay for a studio, one-bedroom, two-bedroom and three-bedroom apartment:
Downtown: Rents in this busy area start from as low as Dh40,000 for a studio and go up to Dh65,000 per annum. While rents for a one-bedroom unit range between Dh55,000 and Dh100,00, two-bedroom between Dh75,000 to Dh150,000 and three-bedroom from Dh120,000 to Dh195,000.
Palm Jumeirah is the costliest place to rent an apartment in the emirate where the studio costs between Dh55,000 and Dh75,000 a year. While one, two and three-bedroom flats cost Dh75,000-135,000, Dh95,000-Dh200,000, and Dh125,000-Dh225,000, respectively.
Dubai International Financial Centre (DIFC) is home to some of the world’s top financial institutions in the region. Rents for a studio in DIFC range between Dh40,000 to Dh65,000 a year. While 1-bedroom annual rent costs Dh55,000 to Dh100,000, 2-bedroom ranges between Dh75,000 to Dh150,000 and 3-bedroom from Dh120,000 to Dh195,000.
Sheikh Zayed Road, too, is one of the most expensive places to rent a property where tenants will shell out Dh37,500 to Dh50,000 for a studio, Dh40,000 to Dh95,000 for a one-bedroom unit, Dh55,000 to Dh135,000 for a two-bedroom flat and Dh80,000 to Dh170,000 for a three-bedroom unit.
