The rental index for the UAE has recently been updated for the second time during 2013 and shows that rent, even if by a little, is still on the rise in Dubai as well as the rest of the United Arab Emirates.
The Rental index is put together three times a year by the UAE’s Real Estate Regulatory Agency (RERA) and does not have to be followed by landlords, but is instead a guide price for landlords to use and decide on how much they want to charge tenants for living in their property.
When comparing all of Dubai’s living areas, Business Bay along with Downtown Dubai and Jumeirah Lake Towers came at the very top of the chart with rent prices increasing a massive 35 to 37 percent. To rent property in Business Bay during early 2013 would have cost you in the region of AED65,000 to AED100,000 per year, renting a property in this area now will set you back AED95,000 to AED130,000 per year.
During 2013, Downtown Dubai has also seen a huge rental price increase of 28 to 30 percent. To rent property in Downtown Dubai would have cost you in the region of AED100,000 to AED140,000 per year, it will now cost you in the region of AED130,000 to AED180,000 per year.
If during January 2013 you thought about renting an apartment in Dubai Marina, but decided to wait and see if the prices dropped, it was a bad idea because you would now have to pay 15 to 28 percent extra rent.
If you are looking to rent in the Jumeirah Beach Residence, you will have to pay between AED100,000 to AED150,000 per year, which is an increase of 11 to 25 percent.
The same story goes in Discovery Gardens where renting a property will now cost you an extra 20 plus percent in rent per year than it would of during the first months of 2013.
Rental prices in Dubai Silicon Oasis have also seen an increase of 17 to 25 percent.
Al Barsha has also seen an increase in rental prices of around 7 to 18 percent. Studio apartment rent prices have risen by around 16 percent, single bedrooms by 13 percent and double bedroom properties by 8 to 18 percent.
As with everywhere else in Dubai, the Karama area has also seen an increase in rental prices of between 5 to 9 percent.
In the Alqusais area, rental prices have increased by around 5 to 20 percent.