Average residential rents increases by 50% in Dubai: Great Properties, UAE-based real estate sales and marketing agents, has released the Great Report, their first real estate report covering the UAE, in cooperation with impaQta Management and Advisory Company. According to the reports, the average rents of residential apartments in Dubai increased by nearly 50% in the past year to be followed by the Northern Emirates.
The report quotes figures released by Asteco, Dubai-based real estate management company, that show the average rent for a 1-bedroom apartment increased 14% over the last year while rent for a 2-bedroom apartment increased 18% and rent for a 3-bedroom increased 13%.
The Northern Emirates, including Ras Al Khaimah, Umm Al Quwain and Ajman have been absorbing the overflowing demand from Dubai, offering lower prices to Dubai's overstretched tenants. The report shows that while rent for a 2-bedroom apartment in Dubai can be around Dh119,000, the same apartment is around Dh37,500 in Ras Al Khaimah, Dh35,500 in Umm Al Quwain and Dh38,600 in Ajman. The report also revealed that rents in the Northern Emirates increased around 20% in 2008, with 5% increase in the last quarter of 2007.
The report quotes figures released by Asteco, Dubai-based real estate management company, that show the average rent for a 1-bedroom apartment increased 14% over the last year while rent for a 2-bedroom apartment increased 18% and rent for a 3-bedroom increased 13%.
The Northern Emirates, including Ras Al Khaimah, Umm Al Quwain and Ajman have been absorbing the overflowing demand from Dubai, offering lower prices to Dubai's overstretched tenants. The report shows that while rent for a 2-bedroom apartment in Dubai can be around Dh119,000, the same apartment is around Dh37,500 in Ras Al Khaimah, Dh35,500 in Umm Al Quwain and Dh38,600 in Ajman. The report also revealed that rents in the Northern Emirates increased around 20% in 2008, with 5% increase in the last quarter of 2007.
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