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Overseas Property News
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Dubai property rents back to 2006 levels
Country: Dubai, United Arab Emirates
20 July 2009 Dubai property rents are at their lowest level for three years and could drop even further, according to a report in 7days. Many tenants previously living in property in Dubai had been forced to neighbouring emirates such as Sharjah and Ajman, where rents are cheaper. However, the fall in rental prices means that renting properties in Dubai has become affordable again. 7days newspaper reports that a studio apartment in International City, for example, can now be rented for an annual rent of around £4,370, down from around £9,000 a year, six months ago. “According to my estimates, at least 2,000 families moved to International City because of the low rents in the last two months”, estate agent Mohammed Iftekhar of Heaven Homes Real Estate told the newspaper. Iftekhar projects that Dubai property rents will fall further, but “can’t say to what extent the rents will fall,” he said. The newspaper concludes that property rents are falling across the emirate.
See Also: Dubai, Marc Da-Silva, Overseas property investment news, UAE
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DUBAI GATE 2
JUMEIRAH LAKE TOWERS
1 BEDROOM PLUS DINING ROOM
18TH FLOOR FANTASTIC VIEWS
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Type: Apartment
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· Project: The Fairways
· Developer: EMAAR
· Tower: T1 / West
· Type: 1 BR
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Developer Deyaar
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