Rents in Dubai's leashold areas on the rise
Property owners in leasehold areas of Dubai have something to cheer about.
Occupancies have remained high and rentals have going up steadily.
According to Asteco, a Dubai-based real estate agency, average apartment rents in Bur Dubai have risen marginally by three to seven per cent, while rents in Karama have stablised since beginning of the year to date.
Data provided by the agency reveals average rentals for one-bed apartment in Bur Dubai jumped by seven per cent to Dh45,000 per annum (pa) in the third quarter compared to Dh42000 pa in the first quarter. Rents for two bedroom units rose to Dh70,000 pa from Dh68,000 pa, while three beds units were currently available for Dh90,000 pa compared to Dh85,000 pa.
In Karama, average rents for two bedroom apartments rose by five per cent to Dh58000 pa from Dh55,000 pa, while one and three-bed remained stable at Dh40000 pa and Dh75000 pa, respectively.
The agency stated that rentals will vary from building to building keeping in view its built quality, age and facilities.
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