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Dubai rents expected to fall this year

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A local property consultancy has released a report which predicts that the rental value of residential properties in Dubai is expected to fall further this year.

The Q1 2016 Residential report by Core Savills said that both buying prices and rental values will decrease over the next 12 months due to the decline in oil prices and the quantity of new homes being built.

“This has very much been a self-fulfilling prophecy until now where most investors believe the market should see another six months of price declines, which in itself has translated and still translates into more downward pressure,” Core Savills CEO David Godchaux said in a press statement.

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