Up by 10 per cent, quarter-on-quarter; Further hikes likely with start of feeder bus service
Residential rents in the Jumeirah Lakes Towers (JLT) master community are rebounding, with lease rates rising by over 10 per cent, quarter-on-quarter.
This is likely to witness a further increase with the start of a feeder bus service this month.
Data provided by PropSquare Real Estate reveals rents of one-bedroom apartments have gone up to Dh45,000 to Dh60,000 per year in the first quarter 2012, compared to Dh40,000-Dh45,000 in the fourth quarter 2011.
Rents for two-beds have jumped from Dh60,000-Dh70,000 to Dh70,000-Dh80,000, while three-bedroom units are available from Dh90,000-Dh110,000 compared to Dh80,000-Dh100,000.
Asteco said, in an earlier report, was more moderate, saying rents in JLT had gone up by four per cent in the first quarter compared to fourth quarter 2011.
Studios were available for Dh35,000 pa, one-beds for Dh 45,000, two-beds for Dh 65,000 and three-beds for Dh90,000 pa.
Information provided by Harbour Real Estate reveals rents have remained stable for one- and two-beds, while studio and three-bedroom apartments have seen a decline.
Studios were leased on average for Dh42,500 pa in the first quarter, down from Dh45,000 last year, while three-beds are available for an average of Dh120,000 compared to Dh130,000 last year.
Average rents for one- and two-beds continue at Dh60,000 and Dh82,500 pa, respectively .
Jan Tabrizi, Manager - Residential Sales & Leasing, JLT Office, says: "Rents have increased due to JLT being popular for both commercial and residential.
"There are two Metro stations serving this community therefore it is easy access for people that live or work in these towers.
"Also the apartments in JLT are usually very spacious and there are plenty of walkways by the lakes and lots of amenities for residents."
She believes rents will go up by five to seven per cent when the feeder bus service starts.
Emirates 24|7 reported earlier that Dubai Multi Commodities Centre (DMCC), master developer of JLT, had put back on track three "stalled" projects last year.
In 2012, it expects three commercial towers, one residential and two hotel & hotel apartments to be completed in JLT. Four office towers were only completed in 2011.
JLT is a waterfront community, comprising 87 residential, office and mixed-use towers.
In June 2011, DMCC told this website that no projects have been cancelled to date in the master development.
The master development comprises 26 clusters of three towers or trios, with each trio having two towers of the same size and one tower that is five floors taller.
The man-made lakes that consist of four separate water bodies will cover 179,000 square meters and will be approximately three-metres deep.
© Emirates 24|7 2012
