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Discuss this article (31 Comments)Dubai property rent at lowest level in three years - report
by This email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 20 July 2009
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Property rents in Dubai are at their lowest level for three years and could drop even further, it has been reported.
Tenants can now rent a studio apartment in International City for as little as AED26,500 a year – down from AED60,000 six months ago, according to a report in 7days.
Cheaper rents are attracting people from neighbouring emirates, like Sharjah and Ajman, because they can now afford Dubai prices.
Real estate agent Mohammed Iftekhar, from Heaven Homes Real Estate, told the paper rents are likely to drop further. “We can’t say to what extent the rents will fall,” he said.
“According to my estimates, at least 2,000 families moved to International City because of the low rents in the last two months. At the same time a lot of people left after losing jobs,” Iftekhar said.
“There is a lot of movement within the city. People are moving from one place to another,” he added.
A typical one bedroom flat in International City is currently being advertised for rent for AED42,000, down from an AED80,000 price tag last year, the paper reported.
Meanwhile, rents are dropping elsewhere in Dubai. A studio in Al Baraha is renting for AED26,000 a year while one in Al Qusais is going for between AED36,000-40,000 a year. A one bedroom in Al Qusais is priced at AED42,000 to AED45,000.
READERS' COMMENTS
Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.
To Omar
Posted by Wiley Dozis, Abu Dhabi, UAE on Monday 27 July 2009 at 10:49 UAE time
Hey Omar,
You are a great comedian. Keep up the good work, I always manage a good laugh at the stuff you write.
Biting, insightful satire is what it is. People just don't understand you, they think you mean it.
Posted by Wiley Dozis, Abu Dhabi, UAE on Monday 27 July 2009 at 10:49 UAE time
Hey Omar,
You are a great comedian. Keep up the good work, I always manage a good laugh at the stuff you write.
Biting, insightful satire is what it is. People just don't understand you, they think you mean it.
you are right AA
Posted by Omar, Dubai on Sunday 26 July 2009 at 21:30 UAE time
Sorry Sir, i beg your pardon: Dubai is the best in the entire MEASA: Which means Middle East, Africa and South Asia. It was a mistake to say South East Asia. Can you mention any better place in the entire MEASA. You can also add to it: Central and North Asia.That's no less than 25% of the globe. Enough to make Dubai a global hub, at least to cover the MEASA region.
Posted by Omar, Dubai on Sunday 26 July 2009 at 21:30 UAE time
Sorry Sir, i beg your pardon: Dubai is the best in the entire MEASA: Which means Middle East, Africa and South Asia. It was a mistake to say South East Asia. Can you mention any better place in the entire MEASA. You can also add to it: Central and North Asia.That's no less than 25% of the globe. Enough to make Dubai a global hub, at least to cover the MEASA region.
Unreal estate
Posted by Sutter Kane, Dubai on Sunday 26 July 2009 at 14:24 UAE time
It reads " as little as 25k " . Let's stop there for a moment and think. We're talking about a project which is built right next to the sewage treatment plant, low quality apartments, no landscaping at all, cramped exit to the main road. And landlords were shamelessly asking for 50-60k for studio apartments no more than 4-5 months ago. What is a studio apartment anyway ? . Just because there is no better option for the same price range. It's a disrespect to the basic right for decent living. People are no stupid. Someone has to put a stop to it, or no one is coming back.
Posted by Sutter Kane, Dubai on Sunday 26 July 2009 at 14:24 UAE time
It reads " as little as 25k " . Let's stop there for a moment and think. We're talking about a project which is built right next to the sewage treatment plant, low quality apartments, no landscaping at all, cramped exit to the main road. And landlords were shamelessly asking for 50-60k for studio apartments no more than 4-5 months ago. What is a studio apartment anyway ? . Just because there is no better option for the same price range. It's a disrespect to the basic right for decent living. People are no stupid. Someone has to put a stop to it, or no one is coming back.
dawn fall of real estate in UAE
Posted by shan, Toronto, Canada on Friday 24 July 2009 at 00:45 UAE time
I would like to comments on the above subject thast the dawn fall in the real estate sector has been inforce due to the Government policy which is not consistance in line with the world market ( ) some time the Government made regulations and overnight they changed it ( ) The Government should adopt a fair policy in all the sectors ( ) The confidence of investors has been lost and it would take long time to correct the same ( ) Shan)
Posted by shan, Toronto, Canada on Friday 24 July 2009 at 00:45 UAE time
I would like to comments on the above subject thast the dawn fall in the real estate sector has been inforce due to the Government policy which is not consistance in line with the world market ( ) some time the Government made regulations and overnight they changed it ( ) The Government should adopt a fair policy in all the sectors ( ) The confidence of investors has been lost and it would take long time to correct the same ( ) Shan)
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