Photo credit: Chusico
Rental rates for property in Dubai have soared by up to 10 per cent, according to new figures. Dubai's Downtown and Old Town areas both saw rents increase, but Downtown is leading the way in tenant demand.
A major factor is the quality of the newer buildings. The high-rise towers in Downtown offer more amenities and a nicer view, giving better value for money, argue agents.
"Downtown buildings like Burj Views, Residences, South Ridge have squash courts, basketball courts, gym, play areas, pool, etc," Legacy Real Estate told Emirates 24/7 . "On the other hand, Old Town just provides residents with a swimming pool. It does lack in amenities."
Still, the Old Town remains popular with those who prefer low-rise structures. And that interest has boosted rents in each location by 8-10 per cent. Some agents place that rent increase closer to 20, or even 30, per cent.
One-bedroom units in Downtown now rent for around Dh75,000-85,000 with rates going up to Dh200,000 for three-bedroom properties.