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Dubai takes tallest residential tower title from Australia Published on: Mar 19, 2013

Dubai Rera Index 2013's latest: Palm Jumeirah costliest to rent villa

Source: www.emirates247.com

By Parag Deulgaonkar   http://www.emirates247.com/news/dubai-rera-index-2013-s-latest-palm-jumeirah-costliest-to-rent-villa-2013-03-19-1.499074   Palm Jumeirah is now the costliest community to rent a three- or four-bed villa in Dubai, followed by Jumeirah Islands and Arabian Ranches, according to the latest Real Estate Regulatory Agency’s (Rera) rent index.

 

The first index update for 2013 puts rents for four-bed villas on the Palm between Dh300,000 and Dh400,000 per annum, an increase of over 11 per cent compared to 2012’s last index update.

Lease rates for three-bed villa rents remained stable between Dh250,000 and Dh310,000 pa.

Cost of leasing a three-bed villas in Arabian Ranches saw a 22 per cent jump with leases starting from Dh130,000 to Dh220,000 pa (Dh110,000 to Dh180,000 pa, 2012).

Four-bed units rose 12.5 per cent to range between Dh170,000 and Dh270,000 pa.

Four-bed villas in Jumeirah Islands are currently available for Dh280,000 to Dh330,000 pa, while three-bed units are being leased for Dh240,000 to Dh300,000 pa — both registering a jump of 6.4 per cent.

Rents for two-bed units in the Springs remained unchanged at Dh75000 to Dh100,000 pa. However, three- and four-bed units rose by over 6 per cent to Dh110,000-Dh170,000 pa and Dh150,000 to Dh200,000 pa.

One-bed villas in Jumeirah Village Triangle are currently being leased at between Dh70,000 and Dh90,000 pa. There was no comparison chart in the last year’s index for this area.

In January, Craig Plumb, Head of Research, MENA, Jones Lang LaSalle (JLL), told Emirates24|7 that residential rents in established locations Downtown Dubai, Dubai Marina and Palm Jumeirah will continue to rise in 2013.

“We have seen an increase in rents in established areas and we expect the same trend to continue. Rents are unlikely to increase in secondary locations,” he had said.

The villa rent index compiled by Reidin rose six per cent year-on-year and was two per cent higher than the peak level.

Asteco Property Management, a real estate consultancy, expects 5,400 villas to be delivered in 2013 with a total of 60,400 villas completed by second half of 2012.

Villa rents (Dh per thousand)

Community                                      1-bed            2-bed          3-bed           4-bed

Arabian Ranches                                     -         100-130       130-220   170-270

Jumeirah Islands                                     -             -               240-300      280-330

Jumeirah Village (T)                         70-90        100-140         -                -

Meadows                                             -                   -               170-240    200-260

Palm Jumeirah                                     -               -                   250-310   300-400

Springs                                                  -             75-110            110-170    150-200

The Lakes                                             -              135-160        150-240     210-290

Gardens                                               -               -                   142-170      175-185

Green Community (DIP)                   -                -                160-200        180-220

(Source: Rera rent calculator, First update for 2013)

Continue reading more property news at http://www.emirates247.com/news/dubai-rera-index-2013-s-latest-palm-jumeirah-costliest-to-rent-villa-2013-03-19-1.499074

 

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