Sheikh Zayed Road favourite of tenants

Published Tuesday, November 01, 2011

By Shuchita Kapur

Properties on Sheikh Zayed Road were the top choice of people looking to rent in Dubai this year, according to leading experts in the real estate industry. And, most leasing transactions seem to be taking place for apartments in the city.

According to Better Homes Residential Leasing Division, the top three residential areas in Dubai for leasing this year were Dubai Marina, Discovery Gardens and Jumeirah Lakes Towers.

According to Asteco, the top three residential areas in Dubai for leasing this year are Sheikh Zayed road, Palm Jumeirah, Discovery Gardens and Deira (Muraqqabat Road) for apartments and Jumeirah/Um Suqueim, Arabian Ranches and Mirdif for villas.

Charles Neil, CEO of Landmark Properties picks up Arabian Ranches, Marina and Downtown as the most popular areas this year.

Rushiraj Mehta of Legacy Real Estate believes The Greens is the most popular choice. “The community is well located on Sheikh Zayed road and is close to business centers like the Media city, the Internet city and has everything from coffee shops to supermarket, play areas, pool, gym etc., making it a family community. [Moreover], rents are reasonable,” he told 'Emirates24|7'.

Second choice, according to Mehta is Jumeirah Lakes Towers. “Rents are most reasonable compared to nearby communities like Dubai Marina and The Greens. This is also close to business centers like the Media city, the Internet city. Due to various buildings and plans, most people find what they need in JLT as per their budget and requirement.”

Third is Business Bay (Executive Towers). “Community is centrally located between the new and old Dubai. People shifting here are mostly from areas such as Karama, Bur Dubai and Satwa. The rents are very reasonable here and apartment sizes are bigger than most freehold communities,” added Mehta.

According to classified listings, the average rent for a one-bedroom in Dubai Marina is between Dh55,000 to Dh75,000 and in some cases goes up to Dh85000 or even Dh90,000, whereas a two-bedroom can be leased for anything between Dh70,000 to Dh140,000.

The rents across JLT are lower than Marina, with average asking rate for a two-bedroom ranging between Dh60,000 to Dh115,000. One-bedroom can be leased out for Dh40,000 to Dh75,000.

A one-bedroom apartment in Discovery Gardens is available for Dh35,000 to Dh45,000 and a two-bedroom unit is going for Dh51,000 to Dh58,000.

Downtown, on the other hand, is still commanding the best rents. A two-bedroom is available for Dh95,000 to Dh165,000 and one bedroom for Dh60,000 to Dh100,000.

A one bedroom can command Dh60,00 to Dh75,000 and a two-bedroom Dh80,000 to Dh125,000 in The Greens. Rents in the adjoining The Views are higher.

Rents in Executive Towers (Business Bay) varies from Dh75000 to Dh95000 for a two-bedroom and Dh55,000 to Dh65,000 for a one-bedroom.

Coming to the villa category, rents in Arabian Ranches vary from Dh85,000 to Dh140,000 and for a three-bedroom villa the going rate is Dh125,000 to Dh240,000.