How much does Dubai's cheapest studio home cost?
RERA's official rent index has reportedly revealed the price of Dubai's cheapest studio apartment
The cheapest studio apartment in Dubai can be rented for $6,800 (AED25,000) a year, it was revealed by the city's official rent index that is issued by the Real Estate Regulatory Agency (RERA).
RERA is the regulatory arm of Dubai Land Department.
Rents for units located in Dubai Investment Park (DIP) and Dubai Outsource Zone are in the range of $570 (AED 2,100) to $680 (AED 2,500) per month.
Rent is slightly higher in International City, where it ranges from $8,170 (AED 30,000) to $9,530 (AED 35,000) for studio units, according to Arabian Business, citing Emirates 24x7.
Annual rents in Dubailand start at $8,170 (AED 30,000) and go up to $10,890 (AED 40,000), while in areas such as Dubai Silicon Oasis and International Media Production Zone, they range from $9,530 (AED 35,000) to $12,250 (AED 45,000) per year.
The report stated that Dubai is set to introduce a star rating system that determines future rent hikes for each building.
The rating will be added to the rent index, according to Mohamad Khodr Al Dah, director of Dubai Land Department Technical Affairs Department.
The laws are intended to stop owners of old buildings from increasing rent to match that of newer plots, the report added.