100% Rent Hike in Dubai Downtown during 2013
Rents in Downtown Dubai rose by more than 100 percent in some cases during 2013 as the emirate’s real estate market continued to rebound. The UAE property portal announced the staggering rise from the latest findings from Market Price Live, its data centre, which also revealed a seven percent slump for Palm Jumeirah studio rents. It said Downtown, which includes the Burj Khalifa and The Dubai Mall, was the third the most searched community in Dubai last quarter, but some rents had more than doubled during the last 12 months.
On the other hand, Jumeirah Lake Towers, a constantly developing community offering a quieter lifestyle, saw a modest rise of six percent in its rental prices last year.
Lease prices of studios in Palm Jumeirah, surprisingly, showed a slight decline of seven percent, the data showed.
However, rents of one-bedroom residences grew by 14 percent in the waterfront community which has consistently appeared in property finder’s top five most popular areas.
Dubai Sports City, which jumped from 18th position in 2012 to sixth in Q4 2013 in the most popular areas to rent, saw a 30 percent hike in rental values last year, the data also showed.
From the above, it is very clear that the rent pattern in Dubai is going high and it will be difficult for the normal employee to live in the emirate provided there will be much more developments in the Emirate due to Expo 2020.