High-rise neighbourhood proving popular among residents, as rents rise
If you’re looking for a new apartment at the moment, take note.
While Palm Jumeirah, Dubai Marina, Downtown and JBR are up there with the most desirable locations to rent in the city, Jumeirah Lakes Towers is joining the party following the release of data by Propertyfinder – the rental market experts.
JLT, of Dubai’s 23 districts, is the only neighbourhood in which apartment rental values increased in the six months to March 31 2017, owing to an increase in demand. The one percent rise compares with a near one percent decrease in Dubai Marina and JBR apartments, while prices on Palm Jumeirah dropped by nearly six percent on the previous six months.
The district itself is still relatively young, and JLT continues to see a range of improvements being made to its infrastructure, traffic flow and leisure facilities. New restaurants and bars (including Le Petit Belge – a Belgian craft hops specialist with a magnificent ladies’ night offer) and small businesses offer a homely, village feel paired with Dubai’s discernable, contemporary edge. Add institutions like McGettigan’s, Jazz@PizzaExpress and Nola into the mix and you’ve got a bustling neighbourhood that’s continuing to grow in popularity among residents.
Not only that, but Propertyfinder says JLT residents get eight percent more space per dirham than Dubai Marina.
Elsewhere, Dubai districts are reported to have seen a decrease in sale value as well as rental, with apartment sales in Downtown Dubai dropping in value by 6.7 percent to Dhs2,182 per square foot. Downtown Dubai remains the most expensive area in which to buy, and saw the largest decline as 17 of the 23 districts gauged reported a decline in sales price. Jumeirah Golf Estates also saw the largest decline in villa prices, with the average cost of a villa dropping 7.2 percent.
So, while JLT has seen its prices rise recently, it has proven to be one of the most popular regions for residents renting in Dubai.