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Abu Dhabi, UAESunday 16 December 2018

Dubai rent deals: Dream homes for less with huge price drops for the Palm and Downtown

A villa in the Springs with a shared community pool also makes for an affordable family home

Property investors who make the best returns often do so without realising due to a principal called leverage. Courtesy: HMS Homes
Property investors who make the best returns often do so without realising due to a principal called leverage. Courtesy: HMS Homes

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.

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The Address, Dubai Marina

Property investors who make the best returns often do so without realising due to a principal called leverage. Courtesy: HMS Homes
The Address serviced apartments

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.

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The Residences 1, Downtown Dubai

The Residences 1, Downtown Size: 1,046 sq ft 1 Bedroom 2 Bathrooms Downtown facing views Price: Dh95,000 This large 1-bedroom apartment in the ever-popular Residences complex at the heart of Downtown was originally rented for 120,000 2 years ago. Tony McMahon, the property agent says ‘The landlord will accept 95,000 for this apartment – great location, great condition and a steal at the current asking price. Courtesy: HMShomes
The Residences 1

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.

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Standpoint, Downtown

Standpoint, Downtown Size: 1,216 sq ft 2 Bedrooms 2 Bathrooms Partial Fountain Views Price: Dh125,000 This two bedroom apartment in the center of Downtown and close to Burj Khalifa is at an amazing price of 125,000. Arguably it has the nicest pool in the whole of Downtown. You are next to Dubai Opera and a 5 minute walk from Dubai Mall. Tony McMahon, the property agent confirmed he rented the same apartment for 155,000 2 years ago. Courtesy: HMShomes
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.

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Golden Mile, Palm Jumeirah

Golden Mile, Palm Jumeirah Size: 1,800 Sq ft 2 Bedrooms 3 Bathrooms High Floor Price: Dh 120,000 Christian Leaver, the property agent confirms this stunning 2 bedroom apartment on a high floor in the Golden Mile, Palm Jumeirah was rented for Dh145,000 and this year has been released to the market at Dh120,000. If you want to live close to shops & restaurants and a large selection of beach clubs this is the apartment for you. Courtesy: HMShomes
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.

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The Springs 2

Springs 2, Emirates Living Size: 2,258 sq ft 3 Bedrooms 3 Bathrooms Close to Pool & Park Price: Dh150,000 Springs 2 is perfectly located next to Spinneys and Fitness First. This three-bedroom villa in The Springs was 175,000 AED two years ago. Luke Westgate the agent for this villa confirmed he is now advertising it for 150,000. With the villa just round the corner from the pool and park this is a great price. Courtesy: HMShomes
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.

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District 4, Jumeirah Park

District 4, Jumeriah Park Size: 4,335 sq ft 4 Bedrooms + maids room 5 Bathrooms Landscaped gardens and private pool Price: Dh255,000 This 4 bedroom villa has an open planned living area connected to the large fully equipped kitchen. Dean Dunbar confirms this villa was being rented for Dh280,000 for the last 3 years. The owner is now willing to accept Dh255,000 and multiply cheques. This home comes with its own swimming pool and fully landscaped garden. Courtesy: HMShomes
District 4, Jumeriah 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.

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