Palm Jumeirah is the costliest community to rent a two-bedroom apartment in Dubai, but Discovery Gardens registered the maximum increase in the first quarter of 2014, according to a new report released by Land Sterling.
Average rents for two-bed units in Palm Jumeirah were at Dh170,000 per annum, rising 6 per cent in the first quarter compared to the final quarter of 2013, Land Sterling said in its Q1 report.
Discovery Gardens saw rents jumping 13 per cent to Dh90,000 per annum during the same period.
IMPZ and Business Bay saw rents for two-bed units rising by 12 per cent each.
Units were leased on average for Dh83,000 pa and Dh145,000 per annum, respectively.
Downtown Dubai saw a 3 per cent hike in the first quarter, compared to Q4 2013, and is at Dh165,000 per annum on average.
Dubai Silicon Oasis rose by 2 per cent with average rents being Dh87,000 pa.
In International City, on an average, a two-bed is being leased at Dh70,000 pa, with a quarter-on-quarter increase of 8 per cent.
Earlier this month, Asteco Property Management put the rental increase quarter-on-quarter for Palm Jumeirah, Discovery Gardens and Downtown Dubai at 3, 4 and 6 per cent, respectively.
With the population of Dubai expected to grow to 3.1 million in 2020 (at an assumed CAGR of 5 per cent), analysts estimate housing requirement to increase by 170,000 units in 2020, the report said.
source: http://www.emirates247.com/business/cos ... 9-1.547314