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Dubai has a vast supply of affordable apartments, especially for lease, mostly in traditional areas such as Bur Dubai and Deira. These areas are popular as they are well connected and supported by large numbers of retail and convenience facilities.
International City remains the cheapest despite significant rental growth. Rents start at Dh32,000 for a studio and Dh42,000 for a one-bedroom unit.
Dubai Sports City and Dubai Silicon Oasis are currently priced in the affordable bracket, as they are still incomplete. However, as these communities are completed, some of the betterquality buildings will likely see price increases.
As many low- to mid-income residents are confined to the rental sector, new projects such as the expansion of Remraam by DP and Glitz by Danube are specifically targeting this segment.
Abu Dhabi has a significant lack of purpose-built affordable apartment communities, with Al Reef Downtown being the only one currently available close to the city.
Al Ghadeer includes nicely finished apartments, town houses and villas in an attractive community, featuring ample landscaping and amenities. Rents for onebedroom apartments start at Dh50,000 a year, and twobedroom apartments are being let from Dh65,000.
Due to a lack of affordable supply, Al Reef Downtown has seen significant rental and sales price growth, up by 10 per cent and 21 per cent respectively compared to the same period last year.
Khalifa City A and MBZ Commercial are leaseholdonly areas on the mainland. They offer low- to veragequality residential apartments, with limited facilities and amenities in a non-master-planned environment.
Source: Property Weekly