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Rents fall for first time after 3 years

21.09.2014
Rents fall for first time after 3 years
We could finally be seeing an end to the unprecedented housing inflation that forced residents to downsize or move across emirates with average residential rents  dipping 1% this quarter. Dubai rents have started to fall for the first time in three years, reported The National.
After 10 consecutive quarters of growth, average residential rentals dipped by 1% this quarter, according to a report from the real estate company CBRE to be released today. This could bring an end to a period of unprecedented housing inflation and with 19,000 homes expected next year, landlords may struggle to raise rents.
“The dip in rentals has been attributed to an increase in new residential stock combined with weaker demand during the traditionally slow festive and holiday period,” said Matthew Green, the regional head of research and consultancy at CBRE. The biggest falls were in freehold areas such as Downtown Dubai and International Media Production Zone, where rents dropped by an average of 3%.
Other locations including the Palm Jumeirah, Business Bay, International City and Motor City recorded declines of about 2%.
However, rent declines were not recorded across the entire city, with Dubai Marina and The Greens showing stable rents during the period.
Average residential property prices have increased by 56% across Dubai since August 2012, according to JLL, the international property consultancy. Rents have surged by about 41% over the same period.


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RENT
125,000 / year
Ref.No: OF1209
Office
1,655 ft2
76 AED/ft2
RENT
58,500 / year
Ref.No: OF662
Office
1,300 ft2
45 AED/ft2
SALE
6,800,000
Ref.No: AP1113
3BR Apt
3,003 ft2
2,264 AED/ft2
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Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
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Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

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Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
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  • 4% - registration of the transaction at registration
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Property management

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Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

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1 day

Reporting
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5% of the annual rental price

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From 3 days

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1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
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