Dubai's most expensive communities

Dubai's most expensive communities

Downtown Dubai and Old Town are the most expensive areas to buy and rent apartments, while Emirates Hills and Palm Jumeirah are the most expensive areas for villas

Majority of rents have seen the low single digit percentage declines in asking prices over the past six months

Downtown Dubai and the nearby Old Town community are the most expensive areas to rent and buy apartments, according to new research from Propertyfinder Group.

According to the research, the most expensive area to rent an apartment is Downtown Dubai, with an average price per square foot of AED 117 ($31), followed by Old Town at AED 115 ($31), The Views at AED 109 ($29), DIFC at AED 102 ($27) and Dubai Marina at AED 99 ($26).

Similarly, Downtown Dubai and Old Town were found to be the most expensive areas to buy an apartment, with average prices of AED 2,132 ($580) and AED 1,965 ($534) per square foot, respectively, followed by Palm Jumeirah at AED 1,838 ($500), DIFC at AED 1,796 ($488) and Dubai Marina at AED 1,570 ($427).

Modest declines in rent

Regarding rents, in the Propertyfinder report group chief commercial officer Lukman Hajje wrote that "while a few communities have witnessed modest increases, the majority have seen the low single digit percentage declines in asking prices over the past six months."

"This can be directly attributable to the level of new stock being handed over," he added. "Many of these developments were sold to investors, some of whom had hoped to make a capital gain and flip or sell at or prior to completion."

Hajje noted, however, that many of these speculators into buy to let investors, which affects not only individual developments but surrounding areas with similar price points.

Arabian Business

24 Feb 2018