Apartment rents up by 20%

The average villa and apartment rents in Dubai have now gone up nearly 18% in the last 12 months. The cost of living in Dubai is showing no signs of let-up, with the average villa and apartment rents going up nearly 18% in the last 12 months, according to a Gulf News report.
According to the October 2014 results of the Dubai Rental Price Index by Reidin.com, apartment rental prices registered the highest increase, at 20.2% year-on-year.
Villa rental prices, on the other hand, posted a 6.6% year-on-year increase.
A month-on-month comparison of rents, however, shows that rates have not moved much between September and October.  Apartment rents increased by only 0.43% on a monthly basis in October 2014. The corresponding increase for villa rents was 0.29%.
The continued rise in demand for residential units in Dubai has somehow put  an upward pressure on rental costs. New properties have recently been launched in Dubai, with some of them snapped up within hours of launch.

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