Everyone is talking about securing a drop on their annual rent — which is a relief given the cost of everything else is on the rise.
Whether it's driving a hard bargain with your landlord or looking for a new place, prices are dropping across the board.
A flood of new properties in existing suburbs and desert communities has also helped.
"The handing over of new properties to the market has caused an oversupply of stock in Dubai, this in turn has driven the rental prices down in 2018," says property agent Tony McMahon from HMS Homes.
"The positive knock on effect of this for tenants is that some landlords are now accepting multiply cheques and also being considerate of delaying a moving in date."
All of the apartments and villas below have seen substantial drops in the asking price, and here's the six of the best deals we found, in conjunction with HMS Homes.
____________
The Address, Dubai Marina
Size: 540 sq ft
Studio
1 Bathroom
Marina views
Price: Dh85,000
Who wouldn't want to live in a hotel? Prices have dropped across the marina and this furnished studio in the Address hotel is no different. Agent Katy Straker said the property was Dh100,000 last year and now going for Dh85,000. Small but comes with a balcony and views over the marina.
____________
The Residences 1, Downtown Dubai
Size: 1,046 sq ft
1 Bedroom
2 Bathrooms
Downtown facing
Price: Dh95,000
This large one-bedroom in the popular Residences complex would cost you about Dh120,000 two years ago. Now it's dropped to Dh95,000. A boom in new properties means there is less of a premium than there was to live in Downtown, though residents in the district do report continuous construction activity. "A steal at the current asking price," says agent Tony McMahon.
____________
Standpoint, Downtown
Size: 1,216 sq ft
2 Bedrooms
2 Bathrooms
Partial Fountain Views
Price: Dh125,000
A stone's throw from Dubai Opera, this two bedroom close to Burj Khalifa has dropped to Dh125,000 from Dh155,000 two years ago. "Arguably the nicest pool in the whole of Downtown". says McMahon.
Prices remain steep in the recently completed Address residences and the Old Town district.
____________
Golden Mile, Palm Jumeirah
Size: 1,800 Sq ft
2 Bedrooms
3 Bathrooms
High Floor
Price: Dh120,000
The Palm was long known for its steep prices and heavy traffic. Both have calmed in recent years, though substantial construction work continues on the main stretch.
Christian Leaver, a property agent, said the high floor two bedroom apartment on the Golden Mile would have cost Dh145,000 earlier this year. Now it's going for Dh120,000. "If you want to live close to shops and restaurants and a large selection of beach clubs this is the apartment for you," she says.
____________
The Springs 2
Size: 2,258 sq ft
3 Bedrooms
3 Bathrooms
Close to pool & park
Price: Dh150,000
One of the larger Springs villas and in good condition compared to some of the older generation of two-bed terraced homes. Prices in the older communities like this one have dropped, though there is no public transport anywhere nearby. This three-bedroom villa was Dh175,000 two years ago and is now going for Dh150,000.
____________
District 4, Jumeirah Park
Size: 4,335 sq ft
4 Bedrooms + maid's room
5 Bathrooms
Landscaped gardens and private pool
Price: Dh255,000
Huge in size and located in the gated Jumeirah Park district, which is reflected in the price. Rented for Dh280,000 for the past three years, dropping to Dh255,000 in multiple cheques. This home comes with its own swimming pool and landscaped garden. Location on the far edge of Dubai makes it useful for Abu Dhabi commuters and those working in the Marina.
________________
Read more:
