Just in case you need to move out of your current home because your landlord informed you of an impending rental increase, you are certainly not alone preparing to pack up.
Property consultants in Dubai have noticed that despite relative lack of price movement in the first three months of the year, certain locations still experienced price adjustments.
Real estate services company, Asteco, collected property transaction data from 13 locations in Dubai — Business Bay, Deira, DIFC, Discovery Gardens, Downtown Dubai, Dubai Marina, Greens, International City, JBR, Jumeirah Lakes Towers, Jumeirah Village, Palm Jumeirah and Shaikh Zayed Road. Gulf News has ranked the monitored locations according to most affordable studio or one-bedroom apartments in Dubai.
1. International City
According to the Gulf News study, rates of rented properties have dropped by about five per cent in the first three months of the year compared to last year. A 484-sq ft apartment can be rented for AED32,000 – AED38,000.
With a decline of 10 per cent between 1Q 2014 and 1Q 2015, properties in Deira have become more desirable. Studio apartments in the area can be rented between AED35,000 – AED55,000.
3. Discovery Gardens
Expats working near Jebel Ali and Dubai Marina may find Discovery Gardens a suitable studio flat that range between AED45,000 – AED55,000. Rents for studio properties in the area have dropped by four per cent in the first quarter of the year compared to the same period in 2014.
4. Jumeirah Village
Rents at Jumeirah Village may have increased by about 4% so far this year compared to last, this is still one of the cheapest places to rent in Dubai with rates ranging from AED45,000 to AED60,000.
5. Business Bay and Jumeirah Lakes Towers
Both sharing good access to the Dubai Metro, Business Bay and Jumeirah Lakes Towers share the fifth spot with properties rented between AED60,000 and AED80,000.