Dubai rental market hits ‘all-time low’, says latest JLL report

Dubai rental market hits ‘all-time low’, says latest JLL report

Rents in the emirate dropped by 12% in the third quarter of 2020 compared to same period last year

Rental rates in Dubai hit an all-time low in the third quarter of the year.

According to JLL's latest UAE Real Estate Market Performance report, rents in the emirate fell by 12 percent year-on-year, surpassing the lowest point on the rental index from almost a decade ago in 2010/11.

Abu Dhabi values fell by 8.3% and Dubai by 6.6% over the past 12 months, according to the latest Knight Frank Global Residential Cities Index

And experts from the real estate outfit are expecting the sector to continue being a favourable one for tenants.

The report said: “Looking ahead, the residential market is expected to remain under pressure in the short-term in light of various macro uncertainties,