Dubai rents stabilize for the first time in two years

Dubai rents stabilize for the first time in two years:

"Dubai residential rents stabilized for the first time in two years last quarter, according to real estate consultancy Cluttons, even as the imminent delivery of new rental stock is likely to further depress rates throughout the year.
Rental rates were unchanged for the first quarter of the year, Cluttons reported on Sunday, with 3.1 percent lower than the year-ago period. But rents are expected to fall by 5-7 percent over the remainder of the year, the consultancy forecast.
“We expect newly completed rental properties to command the attention of tenants, while older and more secondary property will register rent falls,” said Murray Strang, Head of Cluttons Dubai."



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