Special: Dubai rents to stay affordable

Special: Dubai rents to stay affordable

Residential rents in Dubai, which have dropped 43 per cent since their peak in the second quarter of 2014, will continue to decline in the next six to nine months due to a sustained supply of new units in the months ahead, say real estate industry consultants.

Data from consultancy Asteco showed that rents fell 13 per cent year-on-year in the third quarter, led by the Dubai Sports City and Business Bay areas. Supply of new properties also stayed strong even during the pandemic times as 8,650 apartment and villa units were handed over in the third quarter. This trend of high supply will continue in the fourth quarter as another 8,450 units will be made available in