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Downtown Burj Dubai, real estate development in heart of Dubai |
Asteco, UAE's largest real estate services company, has observed that there is no significant changes in Dubai's annual rents in the first quarter when with annual rental rates over the last quarter of 2007accoding to their Quarterly Residential Report. The Palm Jumeirah and Old Town Burj Dubai command the highest annual rents, with studio and 1-bedroom annual rentals at Dh100,000 and Dh140,000 respectively. On the other extreme, the lowest rentals can be found at International City with studios ranging from Dh42,000 and 1-bedroom units available at around Dh58,000.
When comparing year-on-year rental changes in Dubai, the highest increases were reported at the Greens for studios where average annual rents increased from Dh65,000 to Dh85,000, marking a 31% increase. However, 2-bedroom units at International City witnessed a 36% increase in rents from Dh70,000 to Dh95,000 when compared to the same period last year.
Other areas that saw year-on-year rental increases include Old Town Burj Dubai real estate development that reported a 17% increase for 1-bedroom units and a 21% increase for its 2-bedroom apartments. Annual rentals increased by Dh20,000 and Dh30,000 respectively over 2007 rental rates.
Rental rates for villas in Dubai that are determined based on location, size and condition saw Mirdiff commanding the lowest rates, while Jumeirah commands the highest asking rates due to its close proximity to the beach and Sheikh Zayed Road. Average annual rent for a 4-bedroom villa at Mirdiff is Dh175,000 while a similar property at Arabian Ranches and Jumeirah would rent at over Dh300,000.
