Ranches rents up, Emirates Hills sees dip
dubai — Different dynamics are at play in two of Dubai’s upscale villa communities — Arabian Ranches and Emirates Hills.
According to real estate portal propertyfinder.ae, rents in Arabian Ranches have gone up by six per cent in the first six months of 2016. The average price to rent a villa in January at the community was Dh250,000 per year. In July, this had risen to an average of Dh265,000 per year.
Just 15 kilometres across town in the upscale Emirates Hills district, there has been a very different story.
Rents there have dropped 12.5 per cent from an average of Dh1.2 million per year in January to an average of Dh1.05 million per year in July.
Startling trends
“Our analysis always brings up a few startling trends,” said Lukman Hajje, CCO at propertyfinder.ae. “It’s no secret that we are still dealing with the side effects of the slashed oil prices and other economic factors. So, it is not too surprising that Emirates Hills — one of Dubai’s most glamorous communities — would be affected. However, rents dropping by over 12 per cent in just six months is an attention grabber.”
He added: “It may be that Arabian Ranches — also an upscale community, but to a lesser degree — is seeing an upturn in fortunes as renters with plenty of cash are deciding to spend it slightly more cautiously.”
Arabian Ranches ranked number one among the top 10 mostviewed communities for rental villas in July while Emirates Hills did not figure in the top 10 at all.
— business@khaleejtimes.com
CCO at propertyfinder.ae
It’s no surprise that we are still dealing with the side effects of the slashed oil prices and other economic factors. So, it is not too surprising that emirates Hills would be affected
Lukman Hajje,