Rents in #Dubai continue to plunge as more tenants vacate homes | ZAWYA MENA Edition

Rents in Dubai continue to plunge as more tenants vacate homes | ZAWYA MENA Edition

Aerial view of urban skyline and skyscrapers in Dubai UAE. Image used for illustrative purpose

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Residential rents in Dubai continue to decline, as more tenants move out of their homes amid the challenges resulting from the coronavirus pandemic, according to a new report.

Tenant movement increased significantly during the third quarter of the year, with residents either downsizing, leaving the UAE or sending their dependent families back to their home countries, property consultancy Asteco said.

From July to September, villa rents fell by 2 percent over the previous quarter and 9 percent compared with the same period last year. The decline in apartment rents was more pronounced, recording quarterly and annual decreases of 4 percent and 13 percent, respectively.

“While numerous residents are downsizing in terms of unit sizes, quality specification and/ or location, others are repatriating to their home countries or sending their extended family back due to job losses, salary cuts and/ or simply as a pre-emptive measure given current uncertainties and risks,” the firm said.