When looking at recent figures, it’s clear to see that Dubai rent is continuing to drop. There’s no denying that there has been an abundance of new property developments going ahead in Dubai lately, which has led to an oversupply of properties. This has already proven to be good news for buyers who have benefited from cheaper property prices, but now those renting are also benefiting in a big way.
Dubai rent is continuing to drop, with a number of popular locations seeing rent declines of 10%. With more properties to choose from, owners are having to reduce rental prices to attract tenants.
Average Dubai Rent Drops By 10%
The average rental drop in Dubai residential properties over the last 12 months has been 10%. This has been considerably more than other years. It is now possible for tenants to rent a studio in Business Bay from as little as Dh40,000.
Similarly, in Dubai Marina tenants could end up paying just Dh35,000 for a similar type of proprety. In The Greens, a single bedroom unit can be found for just Dh50,000. All of these locations have seen Dubai rent drop between 11% and 12% in the 12 months leading up to September. This is according to a report by Asteco.