Dubai rental costs fall by a third in two months

The cost of renting in Dubai has fallen by up to a third in the last eight weeks, agents said on Tuesday, as homeowners flood the leasing market amid a lack of buyer demand.

Research by Arabian Business has revealed that following Dubai’s six year property boom, rents for villas and apartments have plunged up to 33 percent in some of the city’s most prestigious locations including downtown Burj Dubai and the Palm Jumeirah.

Nehad Abdelhamit, leasing consultant for broker Dubai Waterfront Properties said annual rents for two-bedroom villas in the Springs had slid from AED220,000 to AED150,000 in the last two months - a 32 percent drop.

Dubai rental costs fall by a third in two months - agents - Real Estate - ArabianBusiness.com

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