Dubai rental prices drop by over 5 per cent
It’s official: renting in Dubai is now cheaper than a year ago. According to the latest report from Reidin, flat rents fell by 5.4 per cent in February this year – compared to a year ago. Prices for villas also dropped, by 5.7 per cent, over the same period.
Reidin also rolls out a rental price index for Dubai and Abu Dhabi. That shows a drop of 0.9 points in February, from 99.3 to 99.4.
All this should be good news if your lease is up. That means you should expect your landlord to give you a better deal. Our advice is that if he doesn’t, it is time to shop around as there is plenty on the market.
Even though the rental drops represent Dubai as a whole, it looks like drops are being experienced even in prime locations such as the Palm Jumeirah and Dubai Marina. Meanwhile, villa prices in popular areas such as Umm Suqeim continue to slip, especially with several new developments coming to the market. Many landlords are now also offering over 10 per cent discounts for one cheque.