Dubai Rental prices dropping fast

As we predicted almost 4 months ago, rental property is coming down in price – and prices decline fast. If you follow some of the online posting areas like Dubizzle, Gulf News Classifieds and others, you can now see prices has come down 20-30% or more.

Examples:

1. Dubai Marina – Marina Terrace 3bd. Before average high 270.000 – now 200.000 pr. year

2. JBR – 3bd. Before average 270.000 to 290.000 – now seen from 210.000 to 225.00 pr. year.

There are lots more like it and plenty of offers with 6 or 12 cheques. Our estimate is prices for good 3 bedroom in Dubai Marina and JBR will stabilize at about 160.000-170.000 pr. year, 2 bedroom at about 120.000 – 140.000 and 1 bedroom at about 80.000 to 110.000 pr. year. In 2^nd half of 2008 12 cheques will be the norm and not the exception.

The above price estimates is actually only a 2 year setback. 2 1/2 years ago a 3 bedroom Savannah villa in Arabian Ranches was 125.000 pr. year and a 3 bedroom in Dubai Marina was 140.000 pr. year.

Other Links:

Dubai Property Prices – Updated Jan 09 
UAE Property Availability Report 
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Dubai Classifieds
Dubai Marina off-plan down 38%
Dubai Marina down 32%