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The mid-two quarters of 2015 are bound to see the rent falls that are expected, according to property consultancy firm Land Sterling.
Residential rents in Dubai rose 3% in the first quarter 2015 compared to a decline of 1% reported in the fourth quarter of 2014, according to its new report.
“Even though the pace of apartment rental increases lost much of its vigour by the end of 2014, quarter-on-quarter (qoq) rent growth in Q1 2015 outdid Q4 2014. Average qoq rentals increased to 3 per cent in Q1 compared to qoq fall of 1 per cent in Q4 2014."
The pace of rental decline in Palm Jumeirah continued, but narrowed down to 2% in Q1 compared to an average 8% in Q4 2014. The report said International City, Dubai Silicon Oasis and Jumeirah Village Circle (JVC) performed the best in terms of yearly rental growth at 11%, 10% and 8%, respectively.
“Rental correction will eventually set in with a number of project handovers scheduled throughout the year especially in communities such as Dubai Sports City, JVC and Business Bay,” the report said.
