Residential rents in Dubai see a sharp drop in 2020

Residential rents in Dubai see a sharp drop in 2020

Lots of supply over the last 24 months has meant tenants are faced with plenty of options.





Residential rents have fallen across the board in 2020 with the sharpest drops witnessed in Dubai Land and Dubai Sports City.

According to market experts, the cheapest areas for rent right now are International City, Dubai Production City (IMPZ), a few projects in Dubai South and Dubai Land (Queue Point and Town Square) and Jumeirah Village Circle (JVC).

Overall the villas and townhouses have comparatively fared better than apartments as tenants look forward to upsizing. More indoor and outdoor spaces are in demand now, after an extended period of being restricted at home.

Rental Outlook

Prathyusha Gurrapu, head of research and advisory, CORE, explained: "The average apartment rents have fallen 10 per cent year on year (June 2019 vs. June 2020) and 6 per cent from the beginning of this year (Jan 2020 vs. June 2020). The average villa rents have fallen 9 per cent year on year (June 2019 vs. June 2020) and 5 per cent from the beginning of this year (Jan 2020 vs. June 2020)."

While the Covid-19 pandemic has created an environment of uncertainty, it's said areas of high supply have been