With property prices reportedly dropping both in terms of rentals and sales, it is always interesting to see how the top end of the market is doing and where the most expensive areas to live are.
A recent report by online property portal Property Finder released this week shows Downtown Dubai to be the most expensive area to rent an apartment. With an average rental rate of AED 117 per sq ft, Downtown Dubai is 31% more than the median cost per sq ft of an apartment in Dubai of AED 89. Downtown Dubai also topped the charts when it came to buying an apartment, at a mouth watering AED 2,132 per sq ft, some 8.5% more expensive than second placed Old Town.
The Views, for some time in the top 5 of most expensive areas to buy an apartment, is now no longer in the top tier by seeing the biggest drop of any area of 5.2%, but at AED 1,543 per sq ft it is still an expensive area.
The top 5 most expensive areas for apartments are:
To rent
Downtown Dubai – AED 117 per sq ft
Old Town – AED 115 per sq ft
The Views – AED 109 per sq ft
DIFC – AED 102 per sq ft
Dubai Marina – AED 99 per sq ft
To buy
Downtown Dubai – AED 2,132 per sq ft
Old Town – AED 1,965 per sq ft
Palm Jumeirah – AED 1,838 per sq ft
DIFC – AED 1,796 per sq ft
Dubai Marina – AED 1,570 per sq ft
For Villas, Emirates Hills and Palm Jumeirah hold the top 2 spots when it comes to both renting and buying and the rate differences are phenomenal. When compared to the median price of buying a villa in up and coming Jumeriah Village Circle, Emirates Hills is a staggering 243% more expensive and Palm Jumeirah 221% more.
The top 5 most expensive areas for villas are:
To rent
Emirates Hills – AED 80 per sq ft
Palm Jumeirah – AED 75 per sq ft
The Lakes – AED 74 per sq ft
The Springs – AED 62 per sq ft
Dubai Land – AED 61 per sq ft
To buy
Emirates Hills – AED 2,604 per sq ft
Palm Jumeirah – AED 2,437 per sq ft
The Lakes – AED 1,369 per sq ft
Jumeirah Islands – AED 1,313 per sq ft
Meadows – AED 1,220 per sq ft