Properties for rent have come down

A report in today's newspaper regarding Villas apartments for rent in Dubai has come down. I agree that rents in International City decreases as one of my friend just transferred to a Spain Community from China District.

Here is the report from Gulf News.

Dubai: Rents for villas and flats in Dubai have decreased by an average of 24 per cent and 21 per cent respectively between the April and June.

However property rates in Palm Jumeirah have gone up by 20 per cent.

These figures are according to a published report by Asteco, a property services firm. It follows another study that showed rents in Abu Dhabi falling by 35 per cent.

According to Andrew Chambers, the managing director of Asteco, one of the main reasons for the decrease in rents in Dubai and Abu Dhabi is the current trend - of people working in Abu Dhabi opting to relocate to Dubai.

Chambers said that people are currently comparing rents and facilities provided by landlords then deciding where to stay.

The cheapest area to stay in a one-bedroom flat, according to the report is Dubai’s International City were rents fell by 21 per cent in the last three months to Dh 40,000 per year.

Palm Jumeriah continues to remain the most expensive as tenants are expected to pay Dh100,000.

Downtown Burj Dubai is the most expensive to rent a three-bedroom villa - those could come for Dh265,000 annually. Mirdiff is reported to be the cheapest area at Dh107,000 annually.

Dubai Property market investment

More property investors are purchasing Dubai Property than anywhere else in the world where investors can expect almost a 30% or more return on any property. Dubai is one of the few Arabian states open to the West in terms of culture and social integration and secure in terms of political and economic environments. The Dubai property market is growing and anyone who invests in the property in Dubai will see a rapid turnover in their investment.

Property prices have increased year on year since the launch of the freehold properties to overseas investors but despite this there has been no apparent let up in Dubai property sales. Recent studies suggest that the demand for residential and commercial Dubai real estate is likely to continue for the foreseeable future.

Among the popular Dubai property and real estate development include:

• Acacia Avenues
  
• Dubai Marina
  
• Business Bay
• The Palm Islands
  
• The World
  
• Dubailand
  
• Downtown Burj Dubai
• Jumeirah Lake Towers