Bayut, the leading property portal, has published its annual Dubai Property Market Report for 2022, revealing the most affordable areas in Dubai.
Strong demand for affordable properties in Dubai has fuelled continued boom in rent prices.
Jumeirah Village Circle
For affordable apartment rentals, prospective tenants have continued to search for flats in Jumeirah Village Circle (JVC).
The rental costs of flats in Jumeirah Village Circle have increased by 14 percent to 24 percent. On average, tenants have paid Dhs36k for studios, Dhs51k for 1-bedroom and Dhs73k for 2-bedroom flats.
Renters have also shown an inclination for the flats in Dubai Silicon Oasis, Bur Dubai, Deira and Al Nahda.
Rental costs of apartments in these areas have recorded increase of up to 19 percent. The highest hike in asking rents has been observed in Dubai Silicon Oasis.
Damac Hills 2
In the affordable segment, Damac Hills 2 remained the top choice for prospective tenants in search of villas in Dubai
The asking rents for villas in Damac Hills 2 have appreciated by up to 9 percent for 3 and 5-bed units, averaging at Dhs63k and Dhs98k, respectively. The 4-bed villas for rent in DAMAC Hills 2 became more affordable by 5.37 percent, with annual rents averaging at Dhs74k.
Dubai’s Mirdif area has also emerged as a popular choice for tenants searching for affordable houses in Dubai.
Mirdif recorded price increase of 12 percent to 14 percent across the board.
On average, the 3-bed houses in Mirdif have been let out for Dhs98k, whereas the 4-bed and 5-bed units have been priced at Dhs120k and Dhs132k, respectively.
Tenants looking for affordable villa properties have also been inclined towards areas like Dubailand, Jumeirah Village Circle and Reem.
The average rents for houses in these localities have experienced general upticks ranging from 2 percent to 23 percent. Very few unit types have recorded decreases over the last year.
Prices for reasonably-priced rental apartments in Dubai’s prominent areas have experienced an appreciation of up to 24 percent.
Areas with affordable villas have recorded upticks of 2 percent to 23 percent, whereas asking rents in areas with upscale villa properties have increased by up to 54 percent.
tanvir@dubainewsweek.com
