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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.