Dubai: Dubai may be one of the best places in the world to live in, but housing affordability remains an issue for a lot of people.
Apartment costs are indeed one of the biggest expenses for residents in the country, constituting nearly about 50 per cent of the consumer basket. To minimize monthly outgoings, many expatriates end up sharing accommodations with strangers.
But take heart – there are still decent places out there that don’t necessarily break the bank. The key is to do some research and comparison shopping.
In general, accommodation cost varies widely across the emirate. Annual rents can differ as a result of a number of factors such as supply and demand, facilities, location or proximity to the city centre and transportation links.
A tenant renting a flat in an old, decrepit building near a Dubai Metro station could be paying more than those who opt to live in a shiny, new apartment in the outskirts. Far-flung or newly developed communities are some of the cheapest areas to rent.
Gulf News takes a look at the neighbourhoods where annual rents don’t cost an arm and a leg.
Most studio apartments in these communities cost below Dh50,000 a year or approximately lower than Dh4,000 a month. Generally, one-bedroom flats in these areas can cost between Dh48,500 and Dh66,000.
Here are the top five cheapest areas to rent, as of the third quarter of 2016. These places are ranked using the rental figures provided by property consultant Asteco:
1. International City
Average rent for studio units: Dh 37,500
Average rent for one-bedroom apartments: Dh48,500
2. Deira
Average rent for studio units: Dh45,000
Average rent for one-bedroom apartments: Dh62,500
3. Jumeirah Village
Average rent for studio units: Dh47,500
Average rent for one-bedroom apartments: Dh62,500
4. Discovery Gardens
Average rent for studio units: Dh49,000
Average rent for one-bedroom apartments: Dh66,000
5. Jumeirah Lakes Towers
Average rent for studio units: Dh65,000
Average rent for one-bedroom apartments: 80,000
*Prices are as of Q3 2016
Where apartment rents have dropped*:
- Discovery Gardens: -5%
- Jumeirah Lakes Towers:- 5%
- DIFC: -1%
- Dubai Marina: -4%
- Palm Jumeirah: -5%
- Shaikh Zayed Road: -2%
Where apartment rents have increased*:
- Deira: 2%
- International City: 3%
- Jumeirah Village: 1%
- Greens: 1%
- Downtown Dubai: 5%
*% change (Q3 2015- Q3 2016)
Source: Asteco
