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Fri 17 Jul 2009 12:11 PM

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Dubai Q2 apartment rents fall 16-26% - paper

Dubai office rents also fell on an average by 20% in Q2, study by Asteco reveals.

Dubai Q2 apartment rents fall 16-26% - paper
LOWER RENTS: Studios saw the maximum rents decline in Dubai. (Getty Images)

The average rents for apartments in Dubai declined by 16 to 26 percent in the second quarter compared to the first quarter, according to recent report.At the same time, office rents fell on an average by 20 percent during the same period, according to the Emirates Business daily.

The Dubai-based newspaper quoted an Asteco report on the emirate’s property market. As per the report, studios saw the maximum decline of 26 percent with average rentals coming down to AED45,500 ($12,388)from AED61,500($16744) in the first quarter.

During the same period, according to the daily, rents for one bedroom flats declined 16.13 percent to AED78,000 ($21237) from AED93,000 ($25320).

According to Asteco, the two-bedroom rentals fell 18.94 percent to AED107,000 ($29,132) from AED132,000 ($35939); while three-bedroom rents dropped 19.19 percent to AED149,500 ($40730) from AED185,000 ($50369).

“As rental rates continue to decline, residents are moving from older buildings in less desirable locations to quality units in New Dubai, such as Dubai Marina, Jumeirah Beach Residence and Discovery Gardens. This is particularly the case where single occupants and small families are concerned, as the moving costs are lower, and they are usually more flexible than larger families,” Emirates Business quoted Asteco as saying,

Average rents for villas were AED119,000 for two-bedrooms; AED176,500 for three-bedrooms; AED233,750 for four bedrooms; and AED277,000 for five bedrooms.

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