Dubai: Rents have been falling recently, or so a number of real estate agencies say, yet your landlord has just told you that he’s going to increase your rent upon renewal next month. Of course, moving out is the next best option, unless your paycheque can accommodate another extra expense.
UAE-based real estate brokers Tasweek said some areas in Dubai have indeed experienced some rent declines and the general trend is that the average rates dropped by 3 per cent for studio apartments and 5 to 10 per cent for flats with two or three bedrooms in the second quarter of the year.
A number of Gulf News readers, however, have said that their rents have not gone down despite claims from property analysts that rental numbers and sales point to a declining trend.
If you think your landlord is asking more than what the market currently offers, it may be time to look for a new place. For those who are on a house hunt, Tasweek has come up with a list that might help them find a new flat or villa that’s more suited to their budget and requirements:
Most affordable flats:
1. International City – If you don’t mind the long commute, renting an apartment in International City is a good option. The area tops the list of neighborhoods with cheapest rents today, with studios averaging at Dh42,000 a year. One-bedroom apartments can cost you Dh58,000 a year, while two-bedroom flats can cost Dh78,000, on average. For those who have a big family, a three-bedroom apartment can be had for Dh100,000.
2. Dubai Silicon Oasis
Located not far away from International City, Dubai Silicon Oasis offers studio options that can cost Dh47,000 on average per year. Flats with one bedroom cost slightly higher compared with International City, at Dh67,000, while a two-bedroom flat can cost Dh88,000 and three-bedroom can be had for Dh140,000.
3. Discovery Gardens
For those working in Jebel Ali or thereabouts, it’s worth checking out the apartments in Discovery Gardens, the third-most affordable place for renters today, according to Tasweek. Studios in the area cost approximately Dh55,000 a year, while one-bedroom flats command a price of Dh74,000 a year. Two-bedroom apartments can set you back Dh110,000 annually if you move there today, while three-bedroom flats can cost Dh118,000.
Most affordable villas:
1. Jumeirah Village
Another place to look into is Jumeirah Village, if you lean towards the idea of calling a villa your home. The place offers the lowest rates for villas in Dubai as of the second quarter, with the smallest offering three bedrooms for Dh170,000 a year. Four-bedroom villas can cost Dh180,000. Fancy living in a five-bedroom house? Prepare to pay Dh190,000 a year, which is still a lot cheaper than a five-bedroom luxury villa at The Palm Jumeirah, which can cost Dh400,000 a year.
2. Dubai Silicon Oasis
The second-cheapest place to rent a villa is Dubai Silicon Oasis, where you can find a three-bedroom house for Dh210,000 a year, a four-bedroom for Dh226,000 and a five-bedroom for Dh244,000.
3. The Villa, Dubailand
For those who opt for a house with a “distinct Spanish flavour,” you might want to check out the villas in this neighborhood. Houses at The Villa can cost Dh210,000 (three bedrooms), Dh232,000 (four bedrooms) and Dh295,000 (five bedrooms) on average per year.