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Rents at Emaar Springs villas in Dubai rise 16% since July

A two-bed villa is now leasing for Dh105,000 pa from Dh90,000 pa

James Smith, a British expat, has been renting a two-bed villa in the Springs community for the past three years. His landlord has informed him that his new rent will be increased by 15 per cent to Dh100,000 per year from Dh87,000. 

Besides, he has been asked to pay the annual rent in two cheques. Last year, he paid the rent in four cheques. 

“We are so used to living here in the Springs... all my friends stay in Emirates Living area. Hence my family doesn’t want to move out. The rent is still manageable and so I will be renewing my contract,” says Flanagan. 

Property agents say average asking rents for two-bed and three-bed villas have risen between nine and 16 per cent in three months since July.

“A two-bed villa is now leasing for Dh105,000 pa from Dh90,000 pa, while three-bed villa are being offered for Dh150,000 compared to Dh140,000,” says Faisal Baig, Director, PropSquare Real Estate.

“There is growing demand for villas in established communities across Dubai in general and Emirates Living in particular. Rents have gone up as people are ready.”

CB Richard Ellis, in its third quarter report, said rental rates for villa properties have maintained their upward tack as demand remains high.

Quarter-on-quarter growth registered around three per cent, while the year-on-year increase is close to eight per cent. The highest step up in rents of 11 per cent year-on-year, was for two bedroom properties with larger units seeing lower growth levels.

Rental rates now appear to be fixed on an upward curve in the majority of sub-markets although for many districts and secondary locations, these increases remain modest at this stage, the consultancy informed.

'Emirates24/7' earlier reported that tenants, who seek to challenge the arbitrary increase in rents by their landlords, need to approach the dispute settlement committee in Dubai Municipality.

New Dubai rent spike sparks tenant, landlord legal clash across several communities

In response to a query on Twitter by an aggrieved Dubai tenant, as regards arbitrary rent hikes, the DLD said: “The landlord may increase the rent each year and this increase depends on decrees in rental percentage from the average rent in the same property.

“However, if there is no increase in the calculator, then you should refer to the dispute settlement committee in municipality.”

    • Question 14 Al Hamra Village to hand over 1,000 unit
      • Al Hamra Village, a new residential development in Ras Al Khaimah, has announced that up to 385 townhouses and villas and some 310 flats in the Marina building have been handed over and 283 units in the marina are now getting ready for handover following the completion of Phase 2 of the development. The development further revealed in a press statement that up to 85% of units within Phase 2 has been sold out and delivery of units is expected to be completed by August 2009.
      • United Arab Emirates: Thursday, April 29 - 2009

      • Question 14
        Dubai property is 'most expensive' in emerging world
      • Dubai remains the most expensive property market in the emerging world despite the slump that the emirate has experienced, according to a report by Reidin, a real estate consultancy firm. The report puts Dubai first among 59 cities in 34 emerging markets, with Singapore in 2nd place and Moscow in 3rd. The report said Dubai's average rate as of February was about $7,000 (Dhs25,690) a square metre.
        • United Arab Emirates: Thursday, April 29 - 2009

    • Question 14
      Dubai property prices drop 41% in Q1
    • A new report by Colliers International has found that house prices in Dubai tumbled 41% in the first quarter of 2009. The report said cash and mortgage-backed transactions dropped sharply, with prices registering a negative year-on-year decline for the first time of 34%. Colliers said the price drop is due to lack of mortgage availability, poor investor sentiment, job losses among expatriates, and delayed projects.
    • United Arab Emirates: Thursday, April 28 - 2009

    • Question 14 Deyaar to launch distressed debt funds
    • Markus Giebel, CEO of Deyaar, told Reuters the real estate developer will launch a series of funds of up to Dhs1bn ($272.3m) to buy distressed debt, including its own. Giebel said the first Dhs500m fund is about 60-70% subscribed by a mix of local and overseas investors and would buy back properties on which investors have defaulted from Deyaar's own portfolio.
    • United Arab Emirates: Thursday, April 28 - 2009
  • Question 14 Foreign ownership may be allowed in Abu Dhabi project
  • The Al Falah housing project in Abu Dhabi may include an investment zone where foreigners can purchase low-cost properties, according to Aldar Properties, the developer of the project. 'This area will be open not only for Emiratis but also for the expatriate community, Mohamed al Mubarak, the chief commercial officer of Aldar said, told The National.
  • United Arab Emirates: Thursday, April 27 - 2009

  • Question 14
    Dubai villa rental prices fall by 34% in Q1 2009
  • Asking prices for villa rentals in Dubai have fallen by 34% in the first three months of 2009, from their levels at the end of December 2008, a new report has found. Apartment rentals in the city have also fallen, by 22%, in the same period.
  • United Arab Emirates: Thursday, April 16 - 2009 at 13:25
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  • Question 14 Damac denies cancellation rumours
  • Damac Properties has denied media reports that it has cancelled its Hyde Park project in Cairo, and its Al-Jawharah Tower on the Jeddah Corniche in Saudi Arabia. A company statement said that development is on schedule, and if there is a delay in completing a project, investors will be compensated in accordance with their contracts.
  • United Arab Emirates: Thursday, April 16 - 2009 at 11:01
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  • Question 14 Abu Dhabi to be top property market in ME
  • A new report by consulting firm Jones Lang Lasalle predicts that Abu Dhabi is likely to be the highest performing real estate market in the Middle East and North Africa in the next 12 to 24 months. The survey cited the emirate's oil wealth and the relative undersupply of housing in the capital as key factors that make it the most attractive investment market in the region.
  • United Arab Emirates: Wednesday, April 15 - 2009 at 14:56
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  • Question 14 Abu Dhabi rents dip 20% in Q1
  • Rents in Abu Dhabi fell up to 20% in the first quarter of 2009, according to a new report by Asteco, the UAE's largest property services company. Average rents dropped most on mainland Abu Dhabi, while rates for properties on the island dipped by about 10%. The capital is currently witnessing an improvement in supply with an increase in availability of residential apartments in the Corniche, Hamdan Street, Passport Road and Muroor areas due to tenants moving out of the country, the report added. Residential apartments in Khalidiya and Corniche are in high demand and continue to command a premium.
  • United Arab Emirates: Wednesday, April 15 - 2009

  • Question 14 Dubai World to withold payments in Las Vegas project
  • Dubai World said it will withold payments in its $9bn Las Vegas CityCenter joint venture project with MGM Mirage until a comprehensive finance package is secured, reported Reuters. However, a source said the partners 'are in ongoing discussions to find a solution', with the ultimate aim of making sure that CityCenter is a viable project.
  • United Arab Emirates: Wednesday, April 15 - 2009
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  • Question 14 Kuwait property sales up in February
  • The National Bank of Kuwait has reported that real estate sales saw a significant jump in February following a sharp drop the previous month. With a total of 326 registered transactions at a value of KD101.2m, this represents 11% increase in transaction and 28.6% in total value from January. According to data from Kuwait's central bank, real estate bank lending jumped KD186.7m, a huge monthly increase that followed two declines.
  • Kuwait: Wednesday, April 15 - 2009

  • Question 14
    Emaar to appeal Saudi ruling

  • Emaar Properties said it intends to appeal a Saudi ruling reversing an earlier judgment in its favour in a lawsuit that had sought $1.2bn in compensation, Reuters has reported. The new ruling, at the Board of Grievances headquarters in Riyadh, ordered Emaar to give plaintiff Jadawel 18.61 million Emaar shares adjusted for share splits and including dividends paid since the lawsuit was filed in 2003. 'It is not clear yet how the whole arbitration process, which has taken over two years and ended with an award in favour of Emaar, was dismissed and its award reversed,' an Emaar spokesman said in a statement.
    Saudi Arabia: Saturday, April 11 - 2009

  • Question 14
    MGM Mirage wins $70m waiver

  • Having won a waiver from its lenders that allows it to pay about $70m on its CityCenter project without partner Dubai World, MGM Mirage will be able to continue construction on the Las Vegas Strip development. Dubai World has submitted a proposal to complete CityCenter and resume payments in exchange for concessions, one source familiar with the discussions said. George Dalton, Dubai World's general counsel refused to comment on specifics of the proposal, but said 'we continue to be fully committed to completing CityCenter and we continue to work with our partners and the lenders to seek a solution.'
  • Saturday, April 11 - 2009
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  • Question 14
    Rakeen completes Bab Al Bahr piling

  • Rakeen, the real estate development arm of the Ras Al Khaimah Government, has completed piling, cut-off and pile testing works and started structural work at the Dhs1bn Bab Al Bahr project. The development is the centre piece on the man-made Al Marjan Island. Rakeen said that 5,000 cubic metres of concrete is being poured every week in various sections of the development. The first residential units are due to be completed by mid 2010.
  • United Arab Emirates: Saturday, April 11 - 2009 at 10:53

  • Question 14
    Deyaar suspects officially charged

  • The suspects in the Deyaar fraud case have been charged with various offences and had their cases referred to Dubai Criminal Court by Attorney General Essam Al Humaidan. Mohammed Khalfan Kharbash has been charged with taking possession of public funds, causing harm to interests of the state and assisting the second suspect to seize funds belonging to Deyaar. Zack Shaheen has been accused of complicity in these crimes in addition to receiving bribes. A third suspect, John Dakonha, who has fled the country, has also been charged. Two other cases have also been initiated, involving a number of other people, on the back on the original cases.
  • United Arab Emirates: Thursday, April 09 - 2009 at 14:27

  • Question 14
    Unofficial Dubai rent index published

  • Landmark Advisory has compiled an unofficial list of average rents across Dubai as an alternative to the official rent index. The index will be published every two months and will act as a guide for tenants and landlords alongside the official index by the Real Estate Regulatory Agency (Rera). Data from the published index reflects a fall in rentals of up to 45%. 'Our index is mostly to act as a guide for tenants looking to rent in different areas of Dubai,' said Charles Neil, CEO of Landmark Advisory.
  • United Arab Emirates: Thursday, April 09 - 2009 at 11:39

  • Question 14
    Moody's gives Gulf property negative outlook

  • Moody's has said that the outlook for real estate in the Gulf region this year is negative, as access to funds tightens and demand declines. In Moody's Investors Service's latest report - Arabian Gulf Real Estate Market Industry Outlook - the company said Gulf residential and commercial real estate are 'under pressure due to lower demand, lack of funding, worsening consumer sentiment and risk of oversupply. Saudi Arabia was highlighted as the exception, however, because of its growing population combined with an undersupply of residential property. Long-term population growth rates, which were above 5% in the region, 'are no longer realistic in the short term and may become negative over the coming quarters' as expats leave the report adds.
  • Middle East: Wednesday, April 08 - 2009 at 13:24

  • Question 14
    Tamouh inks $373m deal

  • Abu Dhabi-based Tamouh Investment has signed a contract with Korean firm SK Construction for the development of four multi-purpose buildings on Reem Island. The deal is worth an estimated $373m.
    United Arab Emirates: Wednesday, April 08 - 2009 at 13:14

 

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