Smack dab in the middle of the price ranking, JVT is getting squeezed by new “affordable” projects across Dubai where similar amenities and conveniences can be rented at a lower price point.
Rents in Dubai have fallen 5.8% in the last six months, and 18.2% over the last two years, with a median price per square foot of AED 81. Only one community, Al Furjan, witnessed a modest increase in six months, while the rest have seen low single digit percentage declines in asking prices.
The biggest drop was in Jumeirah Village Triangle which saw a big 8.9% decline in median asking rents. Smack dab in the middle of the price ranking, JVT is getting squeezed by new “affordable” projects across Dubai where similar amenities and conveniences can be rented at a lower price point.
Downtown Dubai, despite being down in price by 14.1% in two years, is still the most expensive community to rent (AED 110 per square foot), slightly more expensive than Old Town (AED 107 per square foot).
Al Nahda and Al Qusais are the two cheapest communities to rent apartments in Dubai at AED 42 and AED 48 per square foot, respectively.
Villa rental asking prices have remained relatively stable in several communities, including in Mirdif (-2.3%), Jumeirah Islands (-2%), and Jumeirah Park, which saw no price change.
After witnessing the largest drops renters in Dubai villas are perhaps experiencing less negotiating power as prices start to see some rebound and price declines are less dramatic than in recent years.
There are still plenty of bargains to be had, and areas where prices are still sliding, but Jumeirah Village Circle recovered 5.4% in the first half of this year. Asking AED 39 per square foot, it is the second least expensive place to rent a villa in Dubai.
The biggest drop was in Palm Jumeirah (-11.1%), followed by The Villa (-10.5%), and MBRC (-8.3%), with supply issues impacting the latter two.
Villa rental asking prices have remained relatively stable in several communities, including in Mirdif (-2.3%), Jumeirah Islands (-2%), and Jumeirah Park, which saw no price change.
Five villa communities in Dubai actually witnessed price increases: Al Reem (1.9%), Jumeirah Golf
Estates (3.7%), Dubai Sports City (1.8%), and Mudon (2.4%). Jumeirah Village Circle, the second cheapest community to rent a villa, saw the biggest price spike, up 5.4%, and AED 39 per square foot.
The Villa (AED 34 per square foot), JVC, and Al Barsha (AED 41 per square foot) are the cheapest places to rent a villa in Dubai. While Emirates Hills (AED 72 per square foot), The Lakes (AED 70 per square foot), and Palm Jumeirah (AED 64 per square foot) are the most expensive.
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