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Dubai Apartment, Office Rates Steady

Smaller size units, studios and one-bedroom apartments, remained in high demand as they present a lower risk in a time of uncertainty.

Demand from Abu Dhabi noticed for units in new Dubai areas such as Discovery Gardens, Jumeirah Lake Towers and Dubai Marina. Palm Jumeirah also witnessed high demand.

While there were no changes in rents for the areas covered by the KT-Asteco survey, people continued to relocate to better locations and upgrade their units in terms of quality and size.

In several upscale neighbourhoods and projects, the average annual rent in December for a studio ranged from Dh50,000 to Dh60,000, while one-bedroom units were still ranging from Dh85,000 to Dh120,000. A two-bedroom flat was priced at Dh120,000 to Dh160,000, while a three-bedroom unit was at Dh160,000 to Dh210,000, the survey found.

Areas with these rents included Dubai Marina Marina, Promenade, Emaar Six Towers, Downturn Burj Dubai, Palm Jumeirah, Sheikh Zayed Road and World Trade Centre areas.

In the mid-tier neighbourhoods of Bur Dubai, Al Barsha, the Greens, Jumeirah Beach Residence and Dubai Marina, a studio in October went for Dh35,000 to Dh50,000, a one-bedroom flat ranged from Dh55,000 to Dh75,000, a two-bedroom flat at Dh70,000 to Dh100,000, and three-bedroom units from Dh90,000 to Dh120,000, the survey showed.

Average annual rents were cheaper in International City, Discovery Gardens, Deira, Jumeirah Lakes Towers and some parts of Dubai Marina.

A studio in these locations was priced at Dh26,000 to Dh40,000, and a one-bedroom unit at Dh38,000 to Dh65,000. A two-bedroom flat ranged from Dh60,000 to Dh85,000, while a three-bedroom unit went for Dh90,000 to Dh110,000.

Office Rents

There was no change in office rents for the last two months i.e. November and December due to low demand. Enquiry level fell due to holidays and companies waiting for the new year to make decisions.

Complete infrastructure, ample parking, easy access to major road networks and excellent property management are vital for the take-up of office space.

The survey found that the average annual rent for premium commercial locations such as Dubai International Financial Centre, Downtown Burj Dubai and Sheikh Zayed Road was between Dh150 and Dh370 per square foot per annum. In Jumeirah Lake Towers, Bur Dubai, Tecom, Downtown Jebel Ali and Festival City, office rents ranged from Dh55 to Dh170 per square foot per annum. In Deira, Dubai Silicon Oasis and Dubai Sports City, office rents ranged from Dh50 to Dh100 per square foot per annum in October, the survey learned.

· abdulbasit@khaleejtimes.com