25 August 2021, Khaleej Times – khaleejtimes.com
The upcoming Expo 2020 Dubai is expected to lift real estate demand for the short-term period
The vast majority of communities across Dubai recorded rental rate growth in the second quarter of 2021, resulting in an average increase of three per cent and eight per cent for apartments and villas, respectively.
Average apartment rental rates in Q2 across Dubai contracted three per cent compared with the same period last year but villa rental rates grew by a marked 10 per cent, real estate consultancy Asteco said in its second-quarter report.
“The main focus of demand has been on the villa market and despite positive market sentiment, apartment rental rate growth appears to be inflated, particularly as new supply outperforms population growth,” it said.
Around 6,650 units were delivered in the second quarter while another 22,500 are expected to be delivered in the second half of 2021, according to Asteco estimates.
The upcoming Expo 2020 Dubai is expected to lift real estate demand for the short-term period, predominantly from exhibition/site employees.
Following a consistent drop over the last few years due to oversupply in the real estate sector, rents in Dubai have become pretty affordable, falling to as low as Dh14,000 for a studio.
Based on Asteco data, below are the starting annual rental rates of a studio, 1-bedroom, 2-bedroom and 3-bedroom apartments for the most affordable areas across Dubai.
>> Dh14,000 in International City
>> Dh15,000 in Deira
>> Dh17,500 in Discovery Gardens
>> Dh17,500 in Sports City
>> Dh20,000 in Jumeirah Village
>> Dh20,000 in International City
>> Dh25,000 in Deira
>> Dh27,500 in Discovery Gardens
>> Dh27,500 in Sports City
>> Dh27,500 in Jumeirah Village
>> Dh35,000 in International City
>> Dh35,000 in Deira
>> Dh37,500 in Sports City
>> Dh40,000 in Jumeirah Village
>> Dh50,000 in Discovery Gardens
>> Dh45,000 in International City
>> Dh60,000 in Deira
>> Dh60,500 in Sports City
>> Dh75,000 in Jumeirah Village