The Greens outperforms the two performing prime locations in Dubai with regards to Rent Index 2013
18/03/2013
As property arm of Dubai Land Department (DLD), the Real Estate Regulatory Agency (RERA) has unveiled its latest rent index for this year 2013, in which the two best performing districts such as Dubai Marina and Downtown Dubai were outperformed by a community development being managed by Emaar Properties: The Greens.
In the first place, in 2011, the aforementioned districts have had the highest transaction activity as well as increasing property prices. However, based on the report, the residential apartments including studio, one and two-bedroom apartments in The Greens are currently having the highest values if compared to the other prime locations; for its increasing prices have almost reached between 15 per cent and 28 per cent.
Actually, the above-mentioned updated index for studio apartments is now being rented out for the range between AED45, 000 and AED55, 000 per annum, compared to between AED35, 000 to AED55, 000 in the previous year’s index. Furthermore, even those one-bedroom units are now being leased for almost AED55, 000 and AED75, 000 per annum; while the two-bedroom apartments are available for the prices ranging from AED90, 000 to AED110, 000 per annum.
In comparison, each of the prime locations has different rental rates and increase in values, such as about 18 per cent increase for two-bedroom apartments with annual leases from AED70, 000 to AED130, 000 per annum in Dubai Marina; 16 per cent increase for the cost of leasing two-bedroom units in Downtown Dubai; between AED75, 000 and AED120, 000 per annum for renting one-bedroom units on the artificial archipelago, Palm Jumeirah; while in Discovery Gardens, the prices for one-bedroom apartments are ranging from AED35, 000 to AED45, 000 per annum.
Moreover, the leasing prices for one-bedroom apartments in Jumeirah Beach Residence (JBR) increased around 12.5 per cent from AED65, 000 to AED90, 000 per annum; while in Jumeirah Lakes Towers, the prices for the same properties are between AED50, 000 and AED65, 000 only per annum, in which 7.7 per cent increase was shown over the last index.
In the first place, in 2011, the aforementioned districts have had the highest transaction activity as well as increasing property prices. However, based on the report, the residential apartments including studio, one and two-bedroom apartments in The Greens are currently having the highest values if compared to the other prime locations; for its increasing prices have almost reached between 15 per cent and 28 per cent.
Actually, the above-mentioned updated index for studio apartments is now being rented out for the range between AED45, 000 and AED55, 000 per annum, compared to between AED35, 000 to AED55, 000 in the previous year’s index. Furthermore, even those one-bedroom units are now being leased for almost AED55, 000 and AED75, 000 per annum; while the two-bedroom apartments are available for the prices ranging from AED90, 000 to AED110, 000 per annum.
In comparison, each of the prime locations has different rental rates and increase in values, such as about 18 per cent increase for two-bedroom apartments with annual leases from AED70, 000 to AED130, 000 per annum in Dubai Marina; 16 per cent increase for the cost of leasing two-bedroom units in Downtown Dubai; between AED75, 000 and AED120, 000 per annum for renting one-bedroom units on the artificial archipelago, Palm Jumeirah; while in Discovery Gardens, the prices for one-bedroom apartments are ranging from AED35, 000 to AED45, 000 per annum.
Moreover, the leasing prices for one-bedroom apartments in Jumeirah Beach Residence (JBR) increased around 12.5 per cent from AED65, 000 to AED90, 000 per annum; while in Jumeirah Lakes Towers, the prices for the same properties are between AED50, 000 and AED65, 000 only per annum, in which 7.7 per cent increase was shown over the last index.
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