The only way is up for rents in Dubai Marina.What should you pay?
The only way is up for rents in Dubai and as one of the most popular neighbourhoods in New Dubai, the Marina is no exception, with rates having risen seven percent since January.
According to the second update of 2014 to the Dubai Land Department’s Real Estate Regulatory Agency’s (RERA) rent index, the current average rent for a studio apartment in Dubai Marina is between Dhs60,000 and Dhs75,000, while a one-bedroom sits between Dhs90-120,000, a two-bed between Dhs140-170,000, a three-bed between Dhs200-230,000 and a four-bed between Dhs250-300,000. While existing tenants can use the index to calculate whether their landlord is entitled to raise their annual rent, the index doesn’t benefit new tenants, as landlords with empty apartments can advertise a price above the index – and many currently do.
A basic search on popular classifieds website Dubizzle (www.dubizzle.com) reveals studios advertised for Dhs80,000 alongside two-bed apartments in Dubai Marina advertised for upwards of Dhs180,000. Meanwhile, some more high-end properties are listed on PropertyFinder.ae (www.propertyfinder.ae) at Dhs125,000 for a one-bed and upwards of Dhs200,000 for a two-bed.
Properties advertised on both sites reflect the city’s trend in skyrocketing rents. That said, you might get lucky and find something advertised for less than the index – though these are few and far between, and typically located in the less glitzy, the Sheikh Zayed Road-facing buildings located the furthest from the shore. As with the rest of the world, expect to pay more for sea views.
Hot property According to PropertyFinder.ae, Dubai Marina was one of the top three most searched for rental locations in Dubai in April alongside Dubailand and Downtown, with 17 percent of all searches related to the waterside neighbourhood.
Dubai Tram The Dubai Tram is on track to begin operating along a 10.6km route from Dubai Marina to Al Sufouh this November. Running every six minutes for 20 hours every day (between 5am and 1am), the Tram will connect with the Dubai Metro at Dubai Marina and Jumeirah Lakes Towers, and also link to the Palm Jumeirah Monorail.