rental prices continue downward spiral in dubai
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Rental prices for residential and commercial property in Dubai have declined again this month due to an increasing supply of property, according to a recent real-estate report.TRANSCRIPT
Rental Prices Continue Downward Spiral in Dubai
Rental prices for residential and commercial property in Dubai have declined again this month due to an increasing supply of property, according to a recent real-estate report.
Dubai, UAE- October 15, 2010 - Dubai has become a key international real estate development hub and is increasingly attracting more and more visitors and temporary workforce from all quarters of the world. However, recent real estate report shows that home and office rents continued to soften again in this month. As a result, this decrease in rental property in Dubai has attracted prospective tenants to bag a good deal.
There are many developing real estate projects in Dubai which leads to an oversupply of residential apartments and office space in the city. Hence, it’s the shining time for tenants to rent Dubai property at minimal rates and enjoy the opportunity of living lavish lifestyle. According to the research, "Tenants are increasingly seeking more value for their rental dirham and are able to leverage alternative options to negotiate very attractive deals. This is pushing up bid-ask spreads and illustrates that landlords are conceding in negotiations with ever more discerning and value-seeking tenants. Moreover, it has also been observed that the sharp decline in rent for properties in the more prestigious areas such as The Palm Jumeirah and Dubai Marina have proved to be a cherry on a cake for tenants. Due to this lower rents, the demand for rental properties in Dubai have boosted by people relocating from surrounding Emirates as well as by the visitors from other countries.
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