Dubai Apartment Rents Edge Lower but Offices Stable |
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DUBAI - Rent decline is taking an extended breather in Dubai, with commercial and residential rents largely unchanged in November, a survey by the Khaleej Times and property management company Asteco showed.
The survey also showed that moving to other flats has slowed down, as people are putting off plans to move until after the holidays. Tenant inquiries are mostly focused on areas that are less congested, and where they could get the best possible rates.
With the lacklustre property market, landlords continued to be flexible, and are still open to negotiating rental rates and payment terms.
In a number of upscale neighbourhoods and projects, the average annual rents have stabilised since September.
In November, a studio at the Dubai Marina, Marina Promenade, Emaar Six Towers, Downturn Burj Dubai, Palm Jumeirah, Sheikh Zayed Road and World Trade Center areas, ranged from Dh50,000 to Dh60,000. Rents for one-bedroom units were static at Dh85,000 to Dh120,000. A two-bedroom flat was priced at Dh120,000 to Dh160,000, while a three-bedroom unit was at Dh160,000 to Dh210,000, the survey found.
In the mid-tier neighbourhoods of Bur Dubai, Al Barsha, the Greens, Jumeirah Beach Residence and Dubai Marina, a studio in November ranged from Dh35,000 to Dh50,000, a one-bedroom flat ranged from Dh55,000 to Dh75,000, a two-bedroom flat at Dh70,000 to Dh100,000, and three-bedroom units from Dh90,000 to Dh120,000.
Average annual rents continued to be cheaper in International City, Discovery Gardens , Deira, Jumeirah Lakes Towers and some parts of Dubai Marina. A studio in these areas was priced at Dh26,000 to Dh40,000, and a one-bedroom unit at Dh38,000 to Dh65,000. A two-bedroom flat ranged from Dh60,000 to Dh85,000, while a three-bedroom unit went for Dh90,000 to Dh110,000.
In the office market, most areas have not adjusted rental rates since September.
The average annual rent for premium commercial locations such as Dubai International Financial Centre, Downtown Burj Dubai and Sheikh Zayed Road was between Dh150 and Dh370 per square foot per year.
However, at Jumeirah Lake Towers, new supply brought down rents, with the lower end of the range cheaper by Dh5 at Dh55 per square foot. The higher end of the range in Bur Dubai, Tecom, Downtown Jebel Ali and Festival City, remained at Dh170 per square foot per annum.
In Deira, Dubai Silicon Oasis and Dubai Sports City, office rents still ranged from Dh50 to Dh100 per square foot per annum in November.
By Rocel Felix
© Khaleej Times 2009
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