There is some good news for residents of the UAE looking to rent an apartment in Dubai.
Though rents in leasehold communities across the emirate have increased, the rise is not as steep as in freehold communities.
Al Karama, a popular area for Asians, saw rents rising by just five to eight per cent in the latest update of Real Estate Regulatory Agency (Rera) rent index.
Other areas like Al Quasis and Al Barsha saw double digit increases, but far less than when compare to freehold communities.
A rent comparison by Emirates 24|7 based on Rera’s second and first index update saw rents for studio apartments in Al Karama rising by 5 to 7 per cent, to Dh32,000-Dh40,000 per annum.
Two-beds went up by 7 to 9 per cent and are now available for Dh65,000-Dh80,000 pa.
The index, however, revealed no increase for one-bed units, currently leasing for Dh45,000-Dh60,000 pa.
In Al Quasis, an area favoured by Arab and Asian expats, rents for studio apartments have increased by 17 to 20 per cent.
Studios are now being rented for Dh30,000-Dh35,000 pa. Lease rates for one-bed units rose 10 to 14 per cent to Dh40,000-Dh55,000 pa, while two-beds saw rents rising 8 to 10 per cent to Dh55,000-Dh65,000 pa.
Cost of leasing units in Al Barsha, an area in close proximity to Sheikh Zayed Road, the business artery of Dubai, jumped by seven to 18 per cent.
Studios saw an increase of 16 per cent, with rents ranging between Dh35,000 and Dh40,000 pa.
One-beds rose 12.5 per cent to Dh45,000-Dh55,000 pa while two-beds rose 8 to 18 per cent with leases beginning from Dh65,000 to Dh75,000 pa.
This website reported on Sunday that rents jumped by almost 35 to 37 per cent for two-bedroom apartments in Business Bay; 30 to 38 per cent in Jumeirah Lake Towers and 28 to 30 per cent in Downtown Dubai.