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Dubai: If you have Dh140,000 budget for house rent and are looking for a nice corner in Dubai, your money would only go so far in The Palm Jumeirah.
A one-bedroom flat costs that much for one year on this man-made island, arguably the city's poshest address.
On the other hand, that same money could get you a number of one-bedroom units on the other side of the road, at Jumeirah Village Circle (JVC), where annual rents for a one-bedroom unit averaged Dh52,200 in the first quarter, according to property manager Better Homes.
This highlights the nuances, if not dilemma, expats fresh to Dubai -- or any renter looking to move within the city -- face in their search for their own space in the midst of a property industry recovery.
Rents stabilising in some areas
The Better Homes data, illustrated in an infographics and came as part of a company blog, show rents in certain Dubai districts have actually stayed flat, indicating a stabilisation of the rental market.
Until recently, many fear Dubai is off towards unbridled rent increases.
Areas where rents have stayed virtually unmoved for one-bedroom units were DIP (0.02%), JVC (0.35%), and The Palm (1.42%). In the two-bedroom segment, it's DIP, JVC and Downtown.
Based on rental values for one-bedroom units, Dubai's second-most exclusive district after The Palm is Downtown, in the shadows of the Burj Khanifa, followed by Marina, JLT, Dubai Investment Park and JVC.
The realtor stated while the average rent of a two-bedroom unit in the Marina rose by 9.78%, or nearly Dh13,000 to DhDh145,017, rent for a one-bedroom unit at DIP hardly hardly moved, staying at an average Dh68,550.
In terms of Dubai's "poshness" quotient for two bedroom units, Better Homes data shows that The Palm is priciest (Dh185k), followed by Downtown (Dh178k), The Greens (Dh150K), JLT (Dh120k), DIP (Dh103k) and JVC (Dh84,350).
A one-bedroom is usually between 33 per cent to 38 per cent less than a two-bedroom in Dubai these days, according tot he guide.
Source: Jay B. Hilotin, Tablet Editor, gulfnews.com