Dubai’s most affordable residential areas

Dubai’s most affordable residential areas
Updated 23 June 2016

Dubai’s most affordable residential areas

Dubai’s most affordable residential areas

DUBAI: Buying a home at a price that does not leave one cash-strapped for months is a dream millions around the world dream each day.
This becomes all the more pertinent in rapidly developing cities like Dubai that welcome thousands of new expats each month and who are in constant need of accommodation.
As many settling down in a new city are looking for affordable housing solutions, Bayut.com has provided a list of areas across Dubai where prices can be termed the most affordable.
While its great news for families and professionals planning a long stay in Dubai, the list also brings good news for investors, who will certainly find themselves attracted to Dubai after considering the high rental yields these affordable areas offer.

International City
International City is a large community lying in the city’s suburbs and is generally considered the most affordable area to rent or buy properties in Dubai.
It is home to thousands of expats, though a majority belongs to the South Asian origin.
Apartments in the community are cheap, and average prices in the first half of year 2016 were recorded at AED514,000.
Rents in H1 averaged AED 43,000, providing owners a yield of 8 percent.

Al-Mamzar
The next most affordable residential community in Dubai was Al Mamzar, where apartment prices averaged AED712,000 in H1 2016.
With overall apartment rents averaging about AED67,000, producing a mean rental yield of 9%.

IMPZ
IMPZ is another suburban locality gaining popularity with residents.
The area is easily accessible from various main roads and apartments in the locality a prices of AED720,000 on average. Average rents in IMPZ were recorded at AED58,500 in the first half, amounting to a rental yield of 8 percent.

Reem Community
The Emaar backed project is still in the development phase but properties are expected to start being handed over by the next year. Currently, apartment prices in the area average close to AED798,000.

Dubai Silicon Oasis
Dubai Silicon Oasis has climbed several popularity ranks over the past months and become one of the most preferred living communities in Dubai’s suburbs. The locality has swathes of green spaces and provides an ideal living environment. Apartment prices in the area averaged AED 849,000 in H1’16, while rents averaged AED 69,000. The area provided homeowners an average rental yield of 8%.

Dubai Sports City
Stadiums, sports arenas and gymnasiums, Dubai Sports City is an ideal living community for those seeking an active lifestyle. There is plenty of greenery in the area, making its broad avenues a sight for sore eyes.
On average, apartment in the area commanded prices of AED 896,000 in the first half, while overall apartment rents averaged AED73,000, making rental yields stand tall at 8.2%.

Dubai Investment Park (DIP)
Though DIP is fairly far away from the city center, the distance does not make it any less popular with residents.
The area will gain immense importance in the coming years as it lies close to the site of Expo 2020 as well as the Al-Maktoum International Airport.
In H1’16, apartments in DIP commanded an average price of AED943,000, while rents hovered around the AED83,000 mark.
The locality’s distance from the city center might well be playing to its advantage, as unit owners enjoyed a rental yield of 8.8 percent in the first half of the year on average.

Dubai Studio City
Dubai Studio City wraps our list of Dubai areas where average apartment prices remained lower than AED1 million in the first half of 2016.
The area is popular with artists and media agencies and has plenty of activity going on.
Unit prices in area averaged AED957,000 in the first half of the year, while rents averaged AED69,000, returning a yield of 7.2 percent. — https://www.bayut.com/