The rise in property prices has been an ongoing issue over the years. The increasing costs have made it extremely difficult for people to afford rent for places in major cities such as Dubai, New York, and London amongst many others.

However, surprisingly according to reports, Dubai’s premium residential neighborhoods have been losing their rental value as per the latest data compiled by a real estate consultancy firm.

PTCL

For those Pakistanis who have been wanting to move to Dubai, this is your chance as rents in Dubai have never been cheaper before!

It has been discovered that rents in Dubai Marina where one bedroom flats cost up to Dh 95,000 (PKR 279,000) per annum have now shown a steep decline in leasing rates registering at a whopping 19% drop. The figure has been recorded in September 2017 by Asteco.

The third quarter of 2017 has seen rates fall by 12% of renting a flat in Dubai as compared to last year. The demand for properties seems to have fallen as a huge supply is available. New high-rise towers have been popping up everywhere in Downtown Burj Khalifa where landlords have lowered their rates compared to other locations. The overall rent in the area has been recorded having a decline of 18%.

The study by Asteco listed the communities in Dubai where rents have fallen the most:

1. Dubai Marina – 19% Decline

Highest rent: Dh95,000
Lowest rent: Dh55,000
Average rent:  Dh75,000

Downtown Dubai – 18% Decline

Highest: 120,000
Lowest:  75,000
Average:   97,500

3. Dubai Sports City – 16% Decline

Highest: 70,000
Lowest:  48,000
Average:  59,000

4. Bur Dubai – 16% Decline

Highest: 80,000
Lowest:  45,000
Average: 62,500

5. Jumeirah Village – 15% Decline

Highest: 68,000
Lowest:  48,000
Average: 58,000

6. Deira – 15% Decline

Highest: 75,000
Lowest:  35,000
Average:  55,000

7. Business Bay – 14% Decline

Highest:  90,000
Lowest:  60,000
Average:  75,000

8. Greens – 14% Decline

Highest: 95,000
Lowest:  65,000
Average:  80,000

9. Palm Jumeirah – 13% Decline

Highest: 150,000
Lowest:  80,000
Average:  115,000

10. Jumeirah Lakes Towers – 13% Decline

Highest: 85,000
Lowest:  55,000
Average: 70,000

11. International City – 13% Decline

Highest: 52,000
Lowest:  35,000
Average: 43,500

12. Jumeirah Beach Residence – 12% Decline

Highest: 120,000
Lowest:  80,000
Average:  100,000

13. Al Barsha – 12% Decline

Highest: 75,000
Lowest:  55,000
Average:  65,000

14. Shaikh Zayed Road – 9% Decline

Highest: 125,000
Lowest:  70,000
Average:  97,500

15. DIFC – 8% Decline

Highest: 130,000
Lowest:  80,000
Average:  105,000

16. Discovery Gardens – 2% Decline

Highest: 65,000
Lowest:  50,000
Average:   57,500

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