Dubai rents drop 30 pc in August, says Landmark

Dubai rents drop 30 pc in August, says Landmark

Dubai’s ailing real estate market will continue to suffer falling prices after a short period of…

August 24, 2009 1:59 by kippreport

Dubai’s ailing real estate market will continue to suffer falling prices after a short period of stabilization due to the introduction of new residential properties this year, according to a study published by Landmark Advisory.

Rents throughout the emirate fell by up to 30 percent in August, the consulting firm said, although it noted that some areas, such as Dubai Marina, posted increases between 6 to 11 percent.

“The large amount of rents ending during the same period ultimately creates a temporary supply distortion following a period of particularly strong demand,” Charles Neil, chief executive officer of Landmark Advisory, said in the statement.

“Many landlords have removed inventory from the market to avoid renting out at current market rates, while others may be out of town during the summer period and consequently unavailable,” he said.

Tags: Dubai, Landmark Advisory, properties, Q2 2009, rents

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2 Comments

ali fakha on August 25, 2009 6:51 am

I wonder many media always mentioned rent dropping here and there in Dubai while the actual is the opposite. The only place may be dropping is in Marina and other free zones or free hold areas while in residential araes liek Al Riqqa , all landlords increasing the rent by 20% , takle it or leave it. Also abny one can check any new buildings in Al Riqqa, Al Muraqqabat etc.. where he will find the one bed room and hall is 90,000 Dhs I personally checking becasue trying to find cheaper pklace tha n mine where in 4 years my rent jumped from 37000 Dhs to 77040 Dhs. So any one can tell me how the rents are dropping??
Ms. Dabaus on August 25, 2009 10:29 pm

THIS IS CORRECT WE ALL KNOW THE APARTMENT IN DUBAI MARINA.Al barsha, Palm are drastically went down to almaost 50% this year. How coem all the agents of Real estate are exagerating their prices like and keep telling us teh market are gone up every week. wonder where are they getting their datas and news? Wonder is this people are eligible to be a real estate broker and pass to be and advisors. All are aritificial thougths and lies…even they know the real value still insist for example 3 bedroom in JBR are still 190K to 220K ….surprise …This price they follow are way back 2008 price. look at all the advertisemet they did….Correction agents 110K to 120 K I believe isthe rigth price. 1 bedroom are 45K to 50 in JLT . Real estate agents are overpricing all the units of the owners property. What are your intention and who do you follow this time. It seems have they own procedure in Duba.