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Dubai rents continue to fall
Dubai rents continued to drop in July as more properties were introduced into the market...
July 22, 2009 6:32 by Dana El Baltaji
Dubai rents continued to drop in July as more properties were introduced into the market, according to Landmark Advisory’s July rent index. The study also states that some areas in Dubai are seeing increases in rental rates, although they are not the norm.
Properties in neighborhoods such as International City saw rents slide by up to 22 percent in July compared with June, with Jumeirah Beach Resident (JBR) and Palm Jumeirah say rents rise by as much as 14 percent.
“When moving to Dubai, Abu Dhabi residents are motivated primarily by location, whereas demand originating from Sharjah centers on price,” Landmark said in its July rental survey.
On average, however, apartment and villas rents have fallen 21 percent and (roughly) 24 percent in the second quarter of 2009 compared with the first quarter of 2009.
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3 Comments
that doesnt necessary mean a bad thing as a matter of a fact that is healthy, what dubai needs now is for it property prices to stablize and rents to be more affodable in order for it to sustain it is growth, what would be intersting for mall owners to reduce their rents as retail sales should drop not because of the recession but because of the ridiculous prices most shops charge for their products. Goods in dubai and abu dhabi are way more expensive than any other part of the world. I bought a polo short from the US for about 200 dhs and here they sell it for over 600. Consumers are not idiots and they can check prices easily online. This is going be a major issue and if dubai want to label itself as a shopping destination they should fix this problem. Looking forward to shop again in Dubai as for now I shop in London, US and online shopping ( my wife offcourse )
Dubai rent should go down, get rid of the housing fee (on the DEWA bill) and Salik. Hotel prices should go down too and RTA should calm down from fining people blindly.
Aptly said Tas….All Rents, Fees and Charges such as work permit, residency visa, visit visa, etc should be made half across the board for atleast two years to stimulate the economy and encourage growth… and yes, the RTA does need to take things in the right perspective