Rents in Dubai have come down says a new report - UAE INFO

Jul 16, 2009

Rents in Dubai have come down says a new report

Dubai: Rents for villas and flats in Dubai have decreased by an average of 24 per cent and 21 per cent respectively between April and June.

However property rates in Palm Jumeirah have gone up by 20 per cent.

These figures are according to a published report by Asteco, a property services firm. It follows another study that showed rents in Abu Dhabi falling by 35 per cent.

According to Andrew Chambers, the managing director of Asteco, one of the main reasons for the decrease in rents in Dubai and Abu Dhabi is the current trend - of people working in Abu Dhabi opting to relocate to Dubai.

Chambers said that people are currently comparing rents and facilities provided by landlords then deciding where to stay.

The cheapest area to stay in a one-bedroom flat, according to the report is Dubai’s International City were rents fell by 21 per cent in the last three months to Dh 40,000 per year.

Palm Jumeriah continues to remain the most expensive as tenants are expected to pay Dh100,000.

Downtown Burj Dubai is the most expensive to rent a three-bedroom villa - those could come for Dh265,000 annually. Mirdiff is reported to be the cheapest area at Dh107,000 annually.

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