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Dubai’s Old Town Rent Up 10% For H1

Dubai’s Old Town Rent Up 10% For H1

Rent prices in the area are up for the first six months of the year, out-pricing costs in Downtown.

Rent costs in Dubai’s Old Town area have gone up by 10 to 12 per cent since the start of the year as the area remains popular due to its location and lifestyle, say experts.

Buildings in the Old Town are commanding higher rents than the larger Downtown area, with rent appreciation strengthening.

Asal Abedi, community specialist at Better Homes said: “Rents in Old Town have gone up by 10 to 12 per cent since the beginning of the year. Units with a view arehighly sought after.

“Rents in Old Town are higher than most buildings in Downtown, the exception being The Residences and Old Town Island.

“Rents vary according to floor and view. However, this is what you can expect to pay in the Downtown Area,” said Abedi.

A one bedroom apartment in The Residences can be rented out for Dhs85,000-Dhs90,000, a two-bedroom for Dhs135,000 to Dhs165,000 and a three-bedroom can command a rent of Dhs190,000-Dhs220,000 per annum.

Rents are marginally higher in Old Town Island.

A one-bedroom unit can fetch a rent of Dhs95000-Dhs115,000, a two-bedroom Dhs155,000-Dhs175,000 and a three-bedroom can be rented out for Dhs200,000 to Dhs250,000 per annum.

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