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High rents in Abu Dhabi boost Dubai’s rental market
Exorbitant rents in Abu Dhabi have forced its residents to seek homes in New Dubai…
September 9, 2009 12:01 by kippreport
Exorbitant rents in Abu Dhabi have forced its residents to seek homes in New Dubai, boosting the emirate’s rental market, reports Arabian Business, citing the head of MAG Group Property Development.
“It’s a mirror image of what happened last year,” explained Mohammed Nimer, CEO of MAG. “Initially Dubai’s rising rental prices forced expat residents out to Sharjah, Ajman and Ras Al Khaimah, but now the sharp fall in prices is luring them back.”
“These two distinct dynamics that have played out in separate emirates, during different periods, have both ironically resulted in breathing life into Dubai’s residential market at a time when other areas of the UAE real estate market have been left gasping,” he added.
“It’s easy to forget, amid stagnant off plan sales, that the heartbeat of Dubai’s real estate industry, leasing sales, is still ticking,” added Nimer.