Thursday 10 April 2014

Dubai rent rises ‘unsustainable’ as first quarter figures revealed | The National

Dubai rent rises ‘unsustainable’ as first quarter figures revealed | The National:



"The cost of renting in the UAE is rising by “unsustainable” levels pushing residents to move out to cheaper locations, property brokers say.



Average annual apartment rents for new tenants in Dubai increased by 5 per cent over the three months to the end of March, while villa rents rose 3 per cent, Asteco reported yesterday.



It said that at International City on the outskirts of Dubai there were some of the biggest rent rises, with average rents up by 11 per cent during the first quarter of 2014 to Dh50,000 for a one-bedroom flat – equating to an 80 per cent increase over the year."



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