Bayut: Dubai apartment rents fall 2% in July 2016
Apartment rents in Dubai became more affordable in July 2016, with a total downward adjustment of 2%, according to Bayut
Apartment rents in Dubai underwent a total downward adjustment of 2% in July 2016, according to research from Bayut.
The real estate specialist reported that the emirate’s rental yields remained strong, exhibiting highs of 6.5% in some apartment categories.
The average yield across all bed categories in Dubai was recorded at 5.6%.
A statement released by Bayut explained: “At a time of global slowdown, the performance of [the] UAE’s realty market continues to inspire trust in investors.
“Though rents have seen periodic adjustments, Bayut believes the UAE’s unique selling propositions, such as a highly smart, diversifying economy, security of investment, and the great promise of Expo 2020, will keep the real estate and its allied sectors thriving in the months to come,” the statement added.
Bayut found that the average annual rental price of a studio apartment in Dubai was $15,500 (AED57,000) in July 2016, a 6% year-on-year fall compared to the corresponding period of 2015.
The average annual rent for a one-bedroom unit was recorded at $25,000 (AED92,000), while two-bedroom apartments attracted a yearly average of $39,500 (AED145,000) in July 2016.
The largest apartments, with four bedrooms or above, returned an average rent of $82,750 (AED304,000) in July 2016, with an average yield of 4%.
Dubai Marina was the emirate’s top location for apartment rentals during July 2016, according to Bayut’s findings.
The locale was followed by Jumeirah Lake Towers (JLT), Downtown Dubai, Bur Dubai, and Dubai Silicon Oasis.