Jumeirah Lakes Towers and Jumeirah Village are among the areas with the biggest decline in annual rent…
A new report by property services company Asteco has highlighted that rent in Dubai has continued to decline in the first quarter of 2019. Between January and March 2019, apartment and villa rent in Dubai fell by an average of 3 per cent versus the fourth quarter of last year.
So where has rent fallen the most?
The cost of annual apartment rent in Jumeirah Lakes Towers and Jumeirah Village is down by 16 per cent versus the same period last year, while renting an apartment in Dubai Sports City and The Greens declined by 14 per cent compared to Q1 2018.
From the last quarter of 2018 compared to the first quarter of this year, the biggest declines were in areas including The Greens, where rent declined 5 per cent, and Jumeirah Village Circle, where rent was down by 6 per cent compared to the last three months of last year.
Year on year, Dubai apartment rental rates have declined an average of 11 per cent.
And what about renting a villa?
According to the Asteco report, The Lakes, Mirdif and Jumeirah Village all saw an average decline of 14 per cent – the largest difference out of all villa-based developments year-on-year.
While Jumeirah Village and The Meadows saw the biggest decline in the cost of rent compared to Q4 2018, with both on average 5 per cent down.
Year on year, Dubai villa rental rates have declined an average of 9 per cent.
Thinking of moving or renegotiating your rent? Here’s how rental rates have changed across the major areas in Dubai versus Q1 of 2019:
Palm Jumeirah: -12%
Sheikh Zayed Road: -10%
Business Bay: -13%
Dubai Marina: -8%
The Greens: -14%
Discover Gardens: -11%
Dubai Sports City: -14%
International City: -9%
Jumeirah Village: -16%
Arabian Ranches: -8%
Dubai Silicon Oasis (Cedre Villas): -3%
Dubai Sports City: -8%
Jumeirah Park: -6%
Jumeirah Village: -14%
Palm Jumeirah: -9%
The Lakes: -14%
Umm Suqeim: -8%