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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.
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3 Comments
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.
Average Dubai apartment prices declined 1.1 percent and villa prices were down by 1.7 percent in March compared with the previous month, Deutsche Bank said.
DID IT RISE OR DECLINE? 1ST 3 PARAGRAPHS SAY IT RISED AND THE 4TH PARAGRAPH SAYS IT DECLINED!
Dear Dina,
Many thanks for your comment. The final paragraph related to the purchase price of an apartment, rather than the rental price. The article has been amended to make this clear. Apologies for the confusion.
Kippreport editors
1% rise.. for an avg apt of abt 40-50k,1% is abt 400 dirhams.. spread tht over 12 months.. its almost next to nothin… cant believe ppl are using this as an excuse to say tht rents are rising.. rents will continue to fall.. it has to reach reasonable levels… reasonable meaning an avg person earning 4-5k shud be able to rent a decent 1 bed apart with less 30% of his income.. i dnt think we are there yet..