Dubai apartment rents down 18.4% in the first quarter of 2021 | ZAWYA MENA Edition
Housing costs in Dubai continued their downtrend in the first three months of the year, with overall residential rents falling by an average of 11 percent compared to last year, data from real estate consultancy ValuStrat showed.
From January to March 2021, flats registered the sharpest fall in listed rents at 18.4 percent, although the cost of renting villas, which have gained popularity during the coronavirus pandemic, jumped by 3.9 percent.
Dubai’s property market had been subdued prior to the COVID-19 outbreak mainly due to a huge supply glut. Demand hit a further slump during the coronavirus lockdown, although sales transactions, primarily for ready-to-occupy units, have picked up since COVID-19 restrictions eased in the middle of last year.
Some analysts have forecast continued pressure on the residential market this year as more housing supply comes on to the market and the population growth still faces some hiccups. For this year, estimated upcoming supply currently stands at 46,316 apartments and 10,563 villas and townhouses.
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