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‘Dubai residential property rents moving up’

November 2015

November 9, 2015 | 10:30 | Dubai

Dubai’s residential lettings market is showing encouraging signs, with rents moving upwards in the Q3, according to the latest Dubai Real Estate Tracker by Emirates NBD Global Markets & Treasury.

“Data for the residential lettings market is also encouraging, with agents reporting rental price growth for both apartments and villas in the three months to October, albeit at a slower pace than in the August survey,” the Tracker for October 2015 said.

The Dubai Real Estate Tracker survey is consistent with reports of a correction in the residential real estate sector, but the pace of price declines appears to have moderated in the three months to October, compared to the peak summer months. There was an improvement in the new buyer enquiries index and the new international buyer enquiries index, particularly for apartments, suggesting there is demand at the right price.

Although the price of both apartments and villas declined in the three months to October, the rate of decline was less than in the August survey, according to estate agents. In particular, 17.1% of agents reported higher prices for villas in the three months to October, compared to 10.8% in three months to August, the Tracker said.

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