Rental rates for both apartments and villas fell by 2% in Dubai in Q1, according to Chestertons MENA’s latest Dubai Residential Market Overview.
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With plenty of stock coming to market, and with population and economic growth currently described as ‘moderate’, anyone looking to rent can also look forward to “further declines in rental values”.
The biggest drops in rent were recorded in the Greens (4%), followed by Business Bay, International City, Jumeirah Village Circle and Motor City, all of which declined by 3%. The communities where rental values remained largely unchanged from the previous quarter were DIFC, Dubai Marina and Dubai Silicon Oasis.
Villa rents fell the most in Palm Jumeirah (4%), followed by a 3% decline in Arabian Ranches and Victory Heights. Jumeirah Golf Estates was the only community where no villa rental drops were recorded.
All of that said, yallacompare’s Consumer Confidence Tracker for the first quarter of 2018 found that, on the whole, UAE residents are paying largely the same in rent as they were last year.
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If you have bit of money set aside, it may be worth thinking about buying your own place to live in. Purchase prices on both villas and apartments were down in every area covered in the report and by 5% overall, compared with Q4 2017.