Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Most Dubai rentals surge: Downtown rent up more than 100%, others by 30%  Join our daily free Newsletter

MENAFN - Khaleej Times - 11/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Rentals increased significantly in Dubai during 2013 as Downtown rent jumped by more than 100 per cent and other locations also witnessed more than 30 per cent rise, according to a latest report.With the iconic Burj Khalifa and the world's largest shopping mall as its centerpiece, the residences at Downtown are a renter's dream, evident from the area's ranking amongst Dubai's most searched locations to rent throughout 2013



The report revealed that rents gone up significantly in a double-digit in most sought after locations in the Emirate. That's the reason the Dubai Land Department is planning to limit rent hikes when tenants change and also updating its rental price index. While there are caps on increases for existing occupiers, Dubai currently has no controls on increases for new tenants, according to Land Department General Director Sultan Bin Mejren



"We are studying laws for residential and commercial properties and each will have its own guidelines," he said. "We expect to have them prepared in either June or the third quarter. There has to be some regulation for new contracts in order to have stable rental increases," Mejren told Bloomberg recently



Property portal Propertyfinder.ae dived into the latest findings from Market Price Live, its up-to-the-minute data centre, to track the rise in rents across Dubai's key communities in 2013. Last month, the portal also issued its fourth quarter report and revealed that the top five most searched locations to rent property remained the same during all four quarters of 2013. But there was some movement elsewhere on the list



Dubai Marina, holding its position as the most-searched neighbourhood at propertyfinder.ae since 2012, experienced a 36 per cent increase in rents over the course of 2013. On the other hand, Jumeirah Lake Towers, a constantly developing community offering a quieter lifestyle despite being located just minutes away from Dubai Marina, saw a modest rise of 6 per cent in its rental prices last year




Lease prices of studios in Palm Jumeirah, surprisingly, showed a slight decline of seven per cent. However, rents of one-bedroom residences grew by 14 per cent in the serene waterfront community, which has consistently appeared in propertyfinder.ae's top 5



Dubai Sports City, jumping several notches from 18th position in 2012 to secure 6th spot in Q4 2013, saw a 30 per cent hike in rental prices last year. From state-of-the-art sporting venues and residential and commercial developments together with all the amenities such as international schools, medical facilities, hotels and community centres in a purpose-built city, Dubai Sports City is a current hotspot for investors and renters



"Whilst it's impossible to say what's 'best' for everyone, our Q4 2013 report is a good place to start for anyone looking to buy or rent a pad this year as it features trends, prices and statistics from across the market. Given that 2013 was a landmark year for the housing market, the expectations for 2014 are naturally high. With the introduction of the new rental decrees in Dubai and Abu Dhabi, it will be interesting to see how the leasing market pans out over the course of this year," commented Michael Lahyani, CEO and Founder, of propertyfinder.ae

 


Khaleej Times




  MENA News Headlines
 May 27 2016 - Qatar- Five key clashes in the Champions League finalThe Peninsula
(MENAFN - The Peninsula) The 2016 UEFA Champions League Final logo at the Piazza Duomo in Milan, Italy, on 26 May 2016. EPA/DANIEL DAL ZENNARO Madrid:Real Madrid face local rivals Atletico Madrid ...

 May 27 2016 - Qatar- Al Shaqab students graduate at a glittering ceremonyThe Peninsula
(MENAFN - The Peninsula) Students who received equestrian training at Al Shaqab, pose for a photograph with special guests during their graduation ceremony after receiving their certificates ...

 May 27 2016 - Qatar- Four international players to continue with Al RayyanThe Peninsula
(MENAFN - The Peninsula) Ali Salem Afifa, Head of Football at Al Rayyan Doha: Following a successful local football season, Al Rayyan have secured the services of their four foreign players ...

 May 27 2016 - UAE plays vital role in development projects in JordanMENAFN
(MENAFN) Abu Dhabi Fund for Development (ADFD) and Jordan worked together towards achieving their sustainable development goals, supporting projects in fundamental sectors.Moreover, ADFD has funded ...

 May 27 2016 - Cairo USD 3.6bn residential project attracts foreign investmentMENAFN
(MENAFN) The Ministry of housing introduced Egypt's biggest upcoming project, USD 3.6bn Mountain View iCity, which will be launched in New Cairo.Furthermore, the project's main layout will encompass ...

 May 27 2016 - Qatar, Luxembourg trade relations growMENAFN
(MENAFN) Qatar and Luxembourg have viewed growth due to the exchange of official visits between the two sides and the signing of mutual deal on many areas.Moreover, Qatar sees innovation as a main ...

 May 26 2016 - Saudi- Living cost index in the Kingdom rises 0.2% in AprilSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh, Sha'ban 19, 1437, May 26, 2016, SPA -- The index of the cost of living in the Kingdom rose by 0.2% during the month of April 2016 compared to the previous month ...

 May 26 2016 - Governor of Riyadh Region receives Cyprus' AmbassadorSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh, Sha'ban 19, 1437, May 26, 2016, SPA -- Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh region, received here today the Ambassador of Cyprus to the ...

 May 26 2016 - Israeli warplanes launch raids on Gaza StripSaudi Press Agency
(MENAFN - Saudi Press Agency) Ramallah, 19 Sha'ban, 1437, May 26, 2016, SPA -- Israeli warplanes launched today a series of air raids on sites and targets in the Gaza Strip. Local security sources ...

 May 26 2016 - Saudi- Three dead, many injured in Mumbai chemical factory blastSaudi Press Agency
(MENAFN - Saudi Press Agency) New Delhi, Sha'ban 19, 1437, May 26, 2016, SPA -- At least three people have died and several have been injured in a huge blast at a chemical factory on the outskirts ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help