Key Dubai areas reveal rent drop in Q3
But rental prices increased in areas like Dubai International Financial Centre, Jumeirah Islands and Mirdif
Rents in several areas of Dubai, including Downtown Dubai, JBR, Greens Community and Arabian Ranches, witnessed a decline in the third quarter of 2014, according to the latest figures on the official rent index of Real Estate Regulatory Agency (RERA).
The figures also show, however, that rental prices increased in areas like Dubai International Financial Centre (DIFC), Jumeirah Islands and Mirdif.
Figures compiled by Emirates 24/7 show the biggest decline in the Greens Community, falling 15% in the latest quarter, while rents in Dubia Marina dropped by 4%.
In Downtown Dubai, rates fell by 3%, with lease rates starting from AED70,000 for a studio apartment and from AED100,000 for a one bed.
In JBR, where traffic congestion was at its highest in recent months, average rents have been dropping by 5%.
In the villa communities of Springs, Meadows and Arabian Ranches, rentals dropped by 4% in the last quarter, with rents for two beds starting at AED130,000 (Springs) and AED140,000 (Arabian Ranches).
Dubai International Financial Centre rents edged up by 2%, while rents in Jumeirah Islands and Mirdif increased by 5% and 2% respectively.