With the beginning of the new year, Arjan is becoming a more appealing neighborhood to live in with skyrocket rent rates, topping the famous Dubai Marina, Palm Jumeirah, and Greens in comparison with that of 2016, Arabian Business reports.
According to the article, Arjan in Dubailand has seen increased rates by 25 to 30%, ranging from AED 65,000 to AED 80,000 per annum in 2017, while last year it ranged from AED 50,000 AED 65,000 per annum.
On the Contrary, rents in Dubai Marina registered a 14% decline, Palm Jumeirah 11.76%, and Greens from 3.44% to 8.33%. In 2017, Dubai Marina rates for two-bed units start from AED 120,000 to AED 160,000 per annum, while last year they started from AED 140,000 to AED 180,000 per annum. At Palm Jumeirah, the rates range from AED 150,000 to AED 220,000 per annum, whereas in 2016, they were priced between AED 170,000 and AED 220,000 per annum. Also Greens witnesses a decreased rate, ranging from AED 110,000 to AED 140,000 per annum.
Rentals in other communities like Business Bay, International City and Discovery Gardens maintain stable rates.
In 2013, the Dubai emirate issued Decree No. 43 to tighten its grip over the percentage of the maximum property rent increase that are allowed upon renewal of contracts and leases.