By Rocel Felix www.khaleejtimes.com
While there were no changes in rents for the areas covered by the KT-Asteco survey, people continued to relocate to better locations and upgrade their units in terms of quality and size.
The opening of the Metro on September 9 has not yet translated into higher rents for properties located close to the train stations, but landlords of such units are hopeful that they will be able to boost rates over time.
In several upscale neighborhoods and projects, the average annual rent in October for a studio ranged from Dh50,000 to Dh60,000, while one-bedroom units were still ranging from Dh85,000 to Dh120,000. A two-bedroom flat was priced at Dh120,000 to Dh160,000, while a three-bedroom unit was at Dh160,000 to Dh210,000, the survey found.
Areas with these rents included Dubai Marina, Marina Promenade, Emaar Six Towers, Downturn Burj Dubai, Palm Jumeirah, Sheikh Zayed Road and World Trade Center areas.
In the mid-tier neighbourhoods of Bur Dubai, Al Barsha, the Greens, Jumeirah Beach Residence and Dubai Marina, a studio in October went for Dh35,000 to Dh50,000, a one-bedroom flat ranged from Dh55,000 to Dh75,000, a two-bedroom flat at Dh70,000 to Dh100,000, and three-bedroom units from Dh90,000 to Dh120,000, the survey showed.
Average annual rents were cheaper in International City, Discovery Gardens , Deira, Jumeirah Lakes Towers and some parts of Dubai Marina. A studio in these locations was priced at Dh26,000 to Dh40,000, and a one-bedroom unit at Dh38,000 to Dh65,000. A two-bedroom flat ranged from Dh60,000 to Dh85,000, while a three-bedroom unit went for Dh90,000 to Dh110,000.
The KT-Asteco survey found that the average annual rent for premium commercial locations such as Dubai International Financial Centre, Downtown Burj Dubai and Sheik Zayed Road was between Dh150 and Dh370 per square foot per annum.
In Jumeirah Lake Towers, Bur Dubai, Tecom, Downtown Jebel Ali and Festival City, office rents ranged from Dh60 to Dh170 per square foot per annum. In Deira, Dubai Silicon Oasis and Dubai Sports City, office rents ranged from Dh50 to Dh100 per square foot per annum in October, the survey learned.