Dubai rent, sale prices continue quarterly fall

Dubai rent: Dubai’s residential property market witnessed a continued decline in rents and sales prices during the second quarter of 2018 according to a new report on the emirate’s real estate sector.

Figures released by Cavendish Maxwell, in its 2Q 2018 Dubai Market Report, registered quarterly declines of 1.1 percent in residential sales prices and an average 2.5 percent drop in rental values.

International City (Clusters), The Greens in Emirates Living, Discovery Gardens and Al-Furjan witnessed the most pronounced decline.

Dubai rent

Dubai rent

Drawing on data from the recent Property Monitor Residential Survey for 2Q 2018, the report showed that most rental agreements made during this period were for one check (38 percent), which marked a 12 percent decrease on the previous quarter.

Rental payments made in four checks increased by 6 percent during 2Q as landlords offer financial incentives to keep units occupied.

Off-plan sales accounted for the majority of the total in the second quarter of 2018, with Mohammed bin Rashid City, Business Bay and Jumeirah Village Circle leading the way.

Dubai Marina, International City and Dubai Sports City were at the forefront in secondary market apartment sales while Emirates Living and International City led in secondary market sales among villas and townhouses.

The survey also showed that most agents anticipate a further drop in princes and rents by up to 5 percent over 3Q 2018.

Lifestyle and Community in Dubai – The most important aspect of your quest for the ideal Dubai rental should be the location. Of course, if you are a driver, you will have plenty of wiggle room in this regard. However, if you’re planning to commute via taxis or the metro, be sure to rent an apartment close to the metro line.

Why is this important? Because you will want to get to work quickly, as well as be able to reach Dubai’s top destinations such as the beach, the malls, aqua parks and others. In the UAE, the natives are outnumbered 9:1 by expats from across the globe, which makes Dubai a melting pot par excellence. As a tax-free city with a low crime rate, Dubai is a favourite among families.

However, due to its never-ceasing flow of job opportunities, singletons are equally keen to lease an apartment in Dubai. No matter who you are or where you come from, you are sure to find a home in the stunning emirate, even if it’s only a temporary one.

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