Rental Rates In Some Areas Of Dubai Have Dropped By Nearly 10% As Shown By A Study
Dubai’s rental rates have significantly declined by nearly 9%, as shown by a study.
Rental rates for apartments and villas have reduced by 4% to 2% whereas sale prices for apartments fell by only 1%.
Rates have been seen to drop significantly over the last few months in Dubai and residents are proactively seeking out cheaper alternatives.
Business Bay saw a 9% decline last quarter which is the steepest Dubai has seen at that period
- International city too saw a steep decline with 7% and prices dropped to AED589 per sqft.
- Palm Jumeirah was the only area where prices increased by 4% bringing it up to AED2,298.
- Dubai Sports City witnessed a huge decline by 7%, prices for a one-bedroom unit went down to AED57,000.
- JLT and Motor City rates declines by 6% and one-bedroom units were at AED77,000 and AED71,000 respectively.
- Villa rents also saw a decline in The Springs and Victory Heights at 4%, followed by Jumeirah Village Triangle and Al Furjan at 2%.
The Meadows, Jumeirah Islands and Jumeirah Golf Estate decreased by 1%
A spokesperson from the agency said, “The average decline in rental rates can be attributed to several factors, including greater choices at reduced prices.”
Dubai residents were asked about their rents and this is their response
Has your accommodation rent increased or decreased?
— Lovin Dubai (@lovindubai) July 10, 2018
