Egypt joins Geneva negotiations on Global Plastics Treaty, calls for urgent agreement    Egypt delivers over 30 million health services through public hospitals in H1 2025    Madinet Masr in talks for three land plots in Riyadh as part of Saudi expansion    Egypt's PM tells Palestinian PM that Rafah crossing is working 24/7 for aid    Egypt, Japan discuss economic ties, preparations for TICAD conference    Real Estate Developers urge flexible land pricing, streamlined licensing, and dollar-based transactions    Egypt's Sisi pledges full state support for telecoms, tech investment    EGP inches down vs. USD at Sunday's trading close    EGX launches 1st phone app    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Dubai's Discovery Gardens' Rents Shoot Up By A Whopping 25%
Published in Amwal Al Ghad on 29 - 10 - 2012

Average rents in Discovery Gardens have shot up with one-bed apartments witnessing a 25 per cent increase since beginning of the year.
Data analyzed by 'Emirates 4|7' reveals rents for studio apartments now range between Dh30,000 and Dh35,000 per annum compared to Dh25,000 to Dh27,000 pa in the first quarter 2012, while rents for one-beds jumping to between Dh42,000 and Dh50,000 pa from Dh38,000 to Dh40,000 pa.
The maximum increase has been witnessed in the Zen and the Mediterranean clusters. Unfurnished one-bed apartments in the Zen cluster are currently being leased for Dh50,000 pa, while furnished one are going for Dh55,000 pa.
Merlin D'Souza, who just moved to Dubai from India, has been unable to find a one-bed apartment in Discovery Gardens that suits her budget.
"I have a budget of Dh35,000 pa, but have been find a one-bed apartment in Discovery Gardens. The community is well developed with schools, mall, restaurants along with a good bus connectivity to the Metro station."
She adds: "I don't want to pay cross my budget since there are other associated costs such as five per broker commission, five per cent deposit, Dewa deposit, etc."
Rising enquiries has also led to landlords pulling off the plugs of freebies such as rent free periods. Until last year, landlords were offering rent-free periods to entice renters.
Dominick Morrison, who rented a studio apartment in Zen cluster, says: "I spoke to a number of brokerage firms to get the best deal. However, none of them offered me any rent-free periods. The only respite, the agent claimed, was he could pay in six cheques rather than four."
Last year, landlords were luring renters with 12 month rental payment plans.
Quoting the Reidin index, Jones Lang LaSalle said that rents increased by seven per cent year-on-year (y-o-y) as of August 2012, showing a positive trend across the market. The apartment rental index rose by five per cent y-o-y, but remains 30 per cent lower than its peak level in January 2009.
"The residential market appears to be on a clear recovery path with both sale indices and rental indices improving. However, major improvements remain more noticeable in the primary locations while lower quality buildings in secondary and less completed locations continue to suffer as tenants upgrade to better quality projects," the global consultancy said.
Emirates 24|7


Clic here to read the story from its source.