In Dubai, the cost of renting apartments continued to slow-down in the first quarter of the year, contradictory to speculations that property market is heading towards a turn-around.
Apartment and villa rents have dropped at least by 5 percent in the month of February compared to last year. Flat rents registered a 5.4 percent decline year-after-year.
As per Reidin rental price index, who is a major real-estate data provider in Dubai, shows a drop of 0.9 points, representing a decline of 0.93 percent in the month of February. The rental index posted an increase of 1.1 points, an increase of 1.69 percent in the month of February 2016 in Abu Dhabi.
Earlier, some industry sources had claimed that Dubai’s property market is going to stabilize, as more and more properties are expected to come all this year. According to property portal Ownaspace.com, in Dubai apartment rents actually increased by 3 percent in the month of January. It seems that rental values in Dubai will stay more or less stable over the year.
Few analysts have argued that a recovery is not going to happen in the near future. A separate report from Core, UAE associate of Savills, said that both prices and rentals in Dubai’s property market will soften further over the next 12 months.
As per above, this year seems good for people who are renting the property or looking to rent the property. In order to find best deals in rent or sell of property logon to www.ownaspace.com