Dubai, Abu Dhabi Apartment Rents Fall in July

Dubai, Abu Dhabi Apartment Rents Fall in July

Dubai, Abu Dhabi Apartment Rents Fall in July

$JJL

Declines were recorded for all apartment unit sizes last month, according to Bayut.com

Apartment rents in Dubai and Abu declined an average of 2 and 6% respectively in July from 1-H of the year, according to Bayut.com.

In its monthly report, the property site said the average rent for a Dubai studio apartment last month stood at Dhs57,000, down 6% Y-Y.

One-bedroom unit rents fell a similar 7% compared to the previous year to average Dhs92,000, while 2-bed rents declined 3% to Dhs145,000 and 3-bed rents were down 5.4% to Dhs206,000.

Four-bedroom apartments averaged a monthly rent of Dhs304,000, 2% down from 1-H of the year.

Top localities for renting apartments in Dubai in July (Bayut)
1. Dubai Marina
2. Jumeirah Lakes Towers (JLT)
3. Downtown Dubai
4. Bur Dubai
5. Dubai Silicon Oasis

Top localities for buying apartments in Dubai in July (Bayut)
1. Dubai Marina
2. Jumeirah Lakes Towers (JLT)
3. Downtown Dubai
4. Palm Jumeirah
5. Business Bay

In Abu Dhabi Studio rents declined 5% Y-Y for July to Dhs56,000, 1-bed declined 6% to Dhs91,000, 2 and 3-beds were down 4 and 5% to average Dhs 129,000 and Dhs172,000 respectively.

Meanwhile 4-beds were down 4% to DHs 247,000.

Top localities for renting apartments in Abu Dhabi in July (Bayut)
1. Al Reem Island
2. Al Raha Beach
3. Khalifa City A
4. Al Muroor
5. Al Khalidiyah

Top localities for buying in apartments Abu Dhabi in July (Bayut)
1. Al Reem Island
2. Al Raha Beach
3. Al Reef
4. Saadiyat Island
5. Al Ghadeer

Despite the declines, Bayut said average yields in both emirates remained attractive, at 5.6 and 7% respectively.

“Though rents have seen periodic adjustments, Bayut believes the UAE’s unique selling propositions such as a highly smart, diversifying economy, security of investment and the great promise of Expo 2020 will keep the real estate and its allied sectors thriving in the months to come,” the company said.

Earlier this month, property consultancy CBRE said Dubai real estate prices dropped for the 6th straight Quarter in Q-2.

Declining Abu Dhabi sales and rental prices were also noted by the firm and rival JLL in reports last month.

By Robert Anderson

Paul Ebeling, Editor

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