Average rents in Dubai have dropped by 10.4 percent in the past year while average sale prices have declined by 7 percent, according to a new report.The decrease from both sides of the real estate market indicates that the average return on investment (ROI) has remained stable (4.7 percent) while the market itself has become increasingly accessible for buyers, real estate portal Bayut.com said.The report from Bayut.com showed that by the end of the first half of 2017, average rent prices in Dubai decreased across all property types.For example, the average rent for a 3-bed villa has dropped by 7.6 percent while the average rent for a 1-bed apartment has declined by 6.1 percent. The only stable property type in Dubai’s rental market throughout H1 were studio apartments which saw a slight dip of 0.1 percent.The report added that the most popular areas to buy in Dubai have had a downward price adjustment. While average property prices in Downtown Dubai have decreased by 6.6 percent, Dubai Silicon Oasis has seen a decline 4.9 percent.The report revealed that the most popular communities in Dubai for rent in H1 were Dubai Marina, Dubai Silicon Oasis, and Jumeirah Village Circle while the most searched areas were Dubai Marina, Downtown Dubai, and Al Reem Island in Abu Dhabi.Haider Ali Khan, CEO of Bayut.com, said: “Over the past years, the market has gradually matured, and as this progression has taken place, investors need more credible information regarding the housing market, and we are working diligently in doing our part by presenting the information.”
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