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.