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29.10.2014
Dubai has become a buyer's market and with many residents refusing to pay the high rents landlords were demanding, rents have begun to fall in prime locations such as the Marina, Greens, Springs, Meadows and Arabian Ranches. Rents are falling in Dubai's prime areas as tenant demand diverts to other not-so-posh locations of the emirate, Emirates 24/7 reported.
Downtown Dubai, Jumeirah Beach Residence (JBR), Greens Community, Meadows, Springs and Arabian Ranches witnessed a decline in rental prices.
However, Dubai International Financial Centre (DIFC), Jumeirah Islands and Mirdif witnessed a rise in rental prices in the last quarter.
Rents in the Greens community registered the maximum decline in the third quarter, falling 15% compared to the second quarter 2014, a new report reveals.
Meanwhile,in the villa segment, rentals in the Springs, Meadows and Arabian Ranches – each of the communities saw a decline of four per cent, data released by MPM Properties, the real estate subsidiary of Abu Dhabi Islamic Bank (ADIB), shows.
“Villa rents have followed the same trend as apartments with some popular communities with high occupancy levels showing a continuation of rental growth witnessed over previous quarters, whereas others have seen landlords having to drop asking rents following long periods of vacancy,” the report stated.
Downtown Dubai, Jumeirah Beach Residence (JBR), Greens Community, Meadows, Springs and Arabian Ranches witnessed a decline in rental prices.
However, Dubai International Financial Centre (DIFC), Jumeirah Islands and Mirdif witnessed a rise in rental prices in the last quarter.
Rents in the Greens community registered the maximum decline in the third quarter, falling 15% compared to the second quarter 2014, a new report reveals.
Meanwhile,in the villa segment, rentals in the Springs, Meadows and Arabian Ranches – each of the communities saw a decline of four per cent, data released by MPM Properties, the real estate subsidiary of Abu Dhabi Islamic Bank (ADIB), shows.
“Villa rents have followed the same trend as apartments with some popular communities with high occupancy levels showing a continuation of rental growth witnessed over previous quarters, whereas others have seen landlords having to drop asking rents following long periods of vacancy,” the report stated.
