Least And Most Expensive Places To Live In Dubai For 2023
According to the acclaimed UAE property analysis experts, in Q1 2023, there has been reported a rental price hike of around 68 percent in the most expensive areas to live in Dubai.
The average price to rent a unit in Downtown Dubai and renting a unit in Business Bay experienced price hikes of approximately around 68 percent during Q1 2023, according to the sources. If we go by the Dubai Property Market Report Q1 2023, tells us about the most searched areas in Dubai’s property sector. This report further highlights that the prices in the Dubai real estate sector have increased across all the famous neighborhoods in Dubai. This could eventually favor sellers and landlords.
After the handover of the Burj Royale apartments in Downtown Dubai, Downtown Dubai has become famous for its rental luxury apartments. The location has experienced a rise in luxury apartment rentals.
Palm Jumeirah and Mohammed Bin Rashid City are the other famous areas in Dubai among the possible tenants who are in search of luxury units for rent in Dubai. These areas in Dubai observed a spike in rental prices, specifically for three-bedroom apartments, which are further fanned up by limited availability.
Dubai Marina, which is further down Sheikh Zayed Road also experienced an increase in rental prices by approximately 39 percent. According to the sources, in Dubai Marina, the average asking rent for units stood at AED207,000 for three-bedroom apartments, AED139,000 for a two-bedroom rental apartment, and AED91,000 for a one-bedroom apartment in Q1 2023.
Surge In Villa Rentals in Dubai
The Dubai property market report also reported an increase in luxury villa rentals among all the famous neighborhoods in Dubai. All these famous neighborhoods in Dubai experienced a notable hike in annual property prices during Q1 2023.
Umm Suqeim came out as the best choice for luxury villa rentals in Dubai. In Umm Suqeim, the villas for rent are witnessing a spike of 25 percent to huge 50 percent across all bed types. In Q1 2023, the approximate price for rentals stood at AED271,000 for a four-bedroom rental unit in Dubai, AED315,000 for a five-bedroom for rent in Dubai, and AED474,000 for a six-bedroom property for rent in Dubai.
For the high-income tenants in Dubai, the favorite option remained neighboring Jumeirah. The rental prices for villas in Jumeirah hiked up to 54 percent. The prices for the four-bedroom rental units in Jumeirah averaged AED273,000 during Q1 2023. The five-bedroom rental units in Jumeirah were priced at around AED331,000 while the six-bedroom property in Jumeirah was rented out for about AED460,000.
Other popular areas for villa rental in Dubai such as Dubai Hills Estate, Arabian Ranches 2, and Palm Jumeirah also recorded a price hike from 5 percent to a whopping 89 percent. All the landlords are pricing their rental units in Dubai higher to shell out high profits from growing demand.
Affordable Neighborhoods in Dubai
Budget-conscious tenants in Dubai were not doomed by the Dubai property market report released. The reports also reported Dubai neighborhoods that are still offering budget housing in Dubai. Jumeirah Village Circle was identified as the most popular affordable neighborhood in Dubai in Q1 2023.
The rental units in Jumeirah Village Circle experienced a hike of 15-24 percent during Q1 2023. Studio rental apartments in JVC were priced at AED36,000, while one-bedroom rental units in JVC were priced at AED51,000, and two-bedroom rental apartments in JVC were priced at AED73,000 on average.
In the affordable villa segment in Dubai, Mirdif came out as the first choice for possible tenants during Q1 2023. The Mirdif villas for rent experienced a hike of up to 15 percent. On average, three-bed rental units in Mirdif stood at AED98,000, four-bed rental units in Mirdif for AED118,000, and five-bed rental units in Mirdif for AED134,000.
DAMAC Hills 2 has also come up among the most famous choices for tenants in Dubai searching for budget houses in Dubai. An increase of up to 9 percent has been recorded in three-bedroom villas in Damac Hills 2 and the five-bedroom villas in Damac Hills 2. Three-bedroom villas for rent were priced at AED63,000. AED73,000 was priced for five-bedroom units in Damac Hills 2. With the rent tag of AED98,000, the four-bedroom units in Damac Hills 2 became more budget-friendly housing options in Dubai.
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