Dubai rents continue to drop says report

The average rentals fell across the residential, office and retail sectors in Dubai during the first quarter owing to a steady over-supply, said real estate expert Jones Lang Lasalle (JLL) in its latest report.

The biggest decline was seen in the villa rentals which fell by 12 per cent year-on-year, while the average apartment rents continued to decline by 5 per cent with the biggest drop seen in the lower-end segment, the JLL report stated.

The rents in International City and the lower-end apartments within Dubai Marina continued to drop at a higher rate than higher-end apartments in Burj Khalifa Downtown and Palm Jumeirah, the JLL said in its report.

However, the report said the villa rents have stabilised in the higher-end and more established residential developments such as Palm Jumeirah compared to last quarter.

Source: TradeArabia