Rents have increased 25% year-on-year in the second quarter while rental values across seven out of nine districts tracked by Knight Frank have recorded double digit growth, the consultancy revealed.
Gulf News reported that class 2 buildings in Dubai Investment Park (47%), Jebel Ali (39%) and Ras Al Khor (36%) all saw double digit rental growth in the April to June period. Meanwhile, class 1 buildings in Dubai Investment Park, Jebel Ali Free Zone (Jafza) and Al Quoz recorded rental growth of 29%, 12% and 9%, respectively.
Knight Frank’s Industrial Research Report for the first half of 2014 found that while demand for industrial property in Dubai is increasing, availability continues to be limited. The report said enquiries for industrial property were “significantly higher” in the first half of 2014 compared to the six months earlier. But due to lack of available stock, quarter-on-quarter rental value in the second quarter saw muted growth of 1 per cent.