Median marketed condo rents in Dubai have been 5 per cent cheaper within the first half of 2019 in comparison with the identical time final yr.
In accordance with figures from Property Finder, the present common median annual lease for Dubai residences is Dh79,650 ($22,000).
The report – entitled Property Finder Tendencies – revealed Dubai condo rents are 21 per cent cheaper than they have been in 2017.
The sustained decline in city-wide rents additionally applies to villas and townhouses in Dubai.
Rents for Dubai villas/townhouses dipped 3.eight per cent in comparison with half one among 2018.
The present common median annual lease for Dubai villas is Dh166,667.
Whereas a few of this decline could possibly be attributed to new inexpensive villa inventory hitting the market and dragging down the median, established communities additionally noticed a dip in rents.
With 19,449 new residential properties accomplished in Dubai through the first half of the yr, it will likely be a while earlier than provide ranges are absorbed.
“For the rental market, declines general have seen a modest drop when evaluating with costs from the final six months. The pattern of with the ability to discover bargains for the whole lot from decrease costs, an elevated variety of cheques in addition to different incentives similar to free utilities, are proving standard amongst renters,” stated Lynnette Abad, director of information and analysis, Property Finder.
Continued lease declines will be attributed in massive to the quantity of provide getting into the Dubai market.
The place to look…
For these seeking to lease within the first half of 2019, Dubai Marina, Downtown Dubai, the Palm Jumeirah, Jumeirah and Al Barsha made the highest 5, in the identical style as final yr.
According to earlier years, because of Dubai Marina’s continued recognition, it pulled in round one and a half instances the quantity of demand as the following high searched group.