| Rental costs soar on Dubai's Palm |
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| Sunday, 05 October 2008 00:00 | |
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The price of renting apartments on the Palm Jumeirah has soared by more than a third in the last six months, yet more evidence of Dubai’s rampant property market.
Research by Arabian Business has revealed that rental costs for two and three-bed apartments on the Palm Jumeirah, one of three artificial palm-shaped islands in the emirate, offering a mix of upmarket hotels and residential properties, have risen by 37.5 percent and 33 percent. A spokesman for Dubai-based Better Homes, one of the biggest estate agents in the emirate, said on Monday: “The high demand and low levels of available rental properties on the Palm Jumeirah has forced prices up quite significantly over the last six months with two bedroom apartments increasing from 160,000 ($43,580) to 220,000 dirhams ($59,898) per annum and three bedrooms rising from 210,000 ($57,176) to 280,000 ($76,234) dirhams over the same timeframe.
source arabian business |






