Dubai property sales up 136 5% in August gulftoday.ae - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulftoday.ae Daily Mail and Mail on Sunday newspapers.
Dubai: Dubai’s tenants are in the mood to upgrade – and this is showing up in residential rents at key locations. With tenants moving to new – more spacious – homes, rents at some of the budget-friendly locations such as Discovery Gardens are coming under further pressure.
In fact, Discovery Gardens has recorded rental declines of 22 per cent in the 12 months to end March. Listings show one-bedroom apartments there at just Dh30,000, with some landlords allowing one- or two-month rent-free stays.
Even slightly more upscale surroundings – such as JLT and Dubai Marina – have recorded 16 per cent drops during this period, according to Core, the property consultancy. This has created opportunities for tenants to take a one-bedroom at a slightly upscale Dubai Marina tower for around the Dh55,000-Dh60,000 mark, while a JLT unit would be under Dh50,000.