Rental rates rise in The Lakes

Capital values and rental rates in The Lakes in Dubai, has strengthened since the third quarter of 2011, according to a research report by Hamptons Mena. As per DLD transactions/ REIDIN data and Hamptons Mena research, the community has witnessed 18 per cent year-on-year rise in average capital value and 88 per cent increase in average transactions since the first quarter of 2011. This reiterates the growing interest amongst the buyers for homes in The Lakes. Hattan, Maeen, Zulal, Deema, Forat and Ghadeer are the six established communities within The Lakes.Potential customers can choose from 2-bedroom townhouses to 5-bedroom independent villas with study, family room and maid’s room, with built-up areas ranging from 172 to 580 sq.m (1,857 to 6,247 square feet). As per the current market availability, the prices for the smallest 2 bedroom plus study townhouses range from Dh2.1 million to 2.25 million11, and rentals between Dh140,000 to Dh150,00011 per annum. Niraj Masand, head of Operations at Hamptons Mena, said: “We have seen a month on month increase in the sales transactions for The Lakes since January 2012 as per the data from Dubai Land Department. This is due to the stabilising of the real estate market and the safety and security standards offered by Dubai.” The Hamptons Mena research unit observes that The Lakes, in view of its established credentials, is expected to continue its upwards trajectory led by demand during the near-medium term ?