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Residential rents in Dubai slipped marginally in March 2015 with rentals facing further pressure as more units are released, according to new reports.
“Prices in the rental market declined by 0.29% in March, with rates rising 5.4 per cent year-on-year (y-o-y),” Reidin.com said in its monthly report.
Apartment rents fell 0.20% month-on-month (m-o-m), but increased 6.3% y-o-y.
Villa rentals declined by 0.25% m-o-m, but were up one per cent y-o-y.
In February, the company’s housing market sentiment index survey had pointed to a rental decline in the first quarter 2015 though the rent index January registering a minor increase of 0.67 per cent.
In its first quarter report by MPM Properties, the real estate advisory subsidiary of Abu Dhabi Islamic Bank, said housing rents in Dubai were likely to face pressure with a flood of new supply coming to the market.
