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Dubai house rents rising despite economic gloom
Apartment and villa rents up more than 1% in March, even though purchase prices are falling.
April 11, 2010 8:03 by kippreport
The cost of renting an apartment or villa in Dubai rose by more than 1 percent in March compared with the previous month, despite the falling purchase prices of property.
A report by Deutsche Bank AG quoted by Bloomberg said that apartment rents rose 1.1 percent in March, while villa rents climbed 1.3 percent during the same period.
Analysts put the rise in rental prices down to high demand from residents of neighboring emirates who are looking to relocate to Dubai.
While rental prices were up, it is now cheaper to buy a property outright. Apartment purchase prices declined by 1.1 percent and villa prices were down by 1.7 percent in March compared with the previous month, Deutsche Bank said.