Major areas of Dubai saw rents decline as much as 5% year on year in Q1 2018, according to new research by chartered surveyor and property consultant, Cavendish Maxwell.
RELATED: Tired of renting? Start owning! Click here to compare UAE mortgages and to own your dream home!
Business Bay, Discovery Gardens, International City (Clusters), Jumeirah Golf Estates, The Springs and Al Furjan Villas all averaged declines of 5% or more. The largest decline was seen in Al Furjan Villas (-6.4%)
The lowest decline in the areas tracked by Cavendish Maxwell was the 2.8% fall seen at The Lakes.
Anyone looking to rent in Dubai can expect prices to remain competitive. Out of 3,800 residential units handed over to buyers across Dubai in Q1 2018, more than 92% were apartments.
Still, whether residents are actually seeing these lower prices is up in the air. Two studies from yallacompare suggest that, actually, the majority of Dubai renters are paying the same as, if not more than, they were last year.
Also, less welcome news for those renting is that as prices have fallen, landlords have been more likely to insist on one annual cheque.
According to the report, around half all rental agreements for residential properties in Q1 2018 were for one cheque (50% of total).
Only 24% were for four cheques. In Q1 2017, by contrast, around 43% of agreements were for four cheques.
Areas where landlords are more likely to accept four cheques are Mirdif, Emirates Living, Arabian Ranches, Jumeirah Village Triangle and Jumeirah Park.
If you’re interested in delving into the stats, you can download a full copy of the report here.