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Rents in Dubai to stabilise
Country: Dubai, United Arab Emirates
4 November 2008
Rents in Dubai are reportedly starting to plateau following years of year-on-year growth, according to the latest quarterly residential report from rental group Asteco.
The report reveals that the average rental price of villas appreciated by 11% over the last financial quarter, but apartment rental rates rose by just 4%
Andrew Chambers, Asteco managing director, said some areas, such as Downtown Burj Dubai, continues to record strong rental growth due to a general shortage of homes on the rental market.
However, the slowdown in apartment rents is due to continue as a growing number of off-plan projects near completion.
Chambers reports that demand for villas remains strong because there is a need for family dwellings.
He says: “An increasing number of expatriates are discovering the benefits of villas and making a long term commitment to stay in Dubai due to the Emirate's reputation as a safe place for families.”
The greatest rental increase was recorded in Downtown Burj Dubai where average rental values rose by a staggering 61%. Palm Jumeirah saw a 42% increase, Palm Jebel Ali a 39% rise and Emirate Hills was up 35%.
Moving forward the company expects rents in Dubai to level out.
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