DUBAI: Rentals in Dubai’s Karama, Al Barsha and Oud Metha have dropped by up to 10 per cent in 2016, an official rent index has pointed out.
Rates for one-bed units in Oud Metha dropped 7.14 per cent, with leases starting at Dh65,000 to Dh80,000 pa. In 2015, leases were at Dh70,000 to Dh80,000 pa. Rates for studio units and two beds in the area remained at Dh40,000 to Dh50,000 pa and Dh85,000 to Dh110,000 pa, respectively, reported Emirates 24/7.
In Karama, the decline in rentals ranged between 6.25 per cent and 10 per cent. Rates for studio units are down 10 per cent, with leases starting at Dh40,000 to Dh45,000 pa compared to Dh40,000 to Dh50,000 pa in 2015, the report said.
Rentals for one beds declined 6.25 per cent to 8.33 per cent with lease rates starting at Dh55,000 to Dh75,000 pa as against Dh60,000 to Dh80,000 pa, it added.
Rates for two beds range between Dh75,000 and Dh90,000 pa, down 6.25 per cent to 10 per cent, compared to Dh80,000-Dh100,000 pa in 2015, said the Dubai-based news portal.
In Al Barsha, rates for one- and two-bed units fell 5.88 to 9.09 per cent. The former can be leased for Dh65,000 to Dh80,000 pa, while the latter can be rented for Dh90,000 to Dh100,000 pa, it said.
There was no change in rents in Al Qouz 2 (Al Khail Gate). Studio rents, as per the 2016 index, ranges from Dh30,000 to Dh40,000 pa, one beds Dh45,000 to Dh50,000 pa and two beds Dh65,000 to Dh70,000 pa, the report pointed out.
Similarly, rents remained at the same level in Al Satwa. Leases for studio, one- and two-bedroom apartments stay at Dh35,000-Dh40,000, pa, Dh45,000-Dh60,000 pa and Dh65,000 -Dh75,000 pa, respectively, it said.
In August 2015, this website reported that the official Dubai rent index will no longer be updated every four months, as done since 2009 when it was launched.
“The rental index now is being updated once per year, starting from 2015,” the Dubai Land Department (DLD) was quoted as saying by Emirates 24/7.
