Compared to this time last year we are seeing average rents across Dubai drop by 4.2% in Q1.
Tenants in Dubai continue to negotiate as they witness residential rents continue to loose steam and are expected to continue their decline during the second quarter of 2018. Landlords in Dubai are offering all sorts of incentives to retain existing tenants or try to win over new ones. Equally Landlords who are dictated by their financial liabilities and service charges are proving to be more flexible and listening to tenants' demands.
The pressure on housing allowances has also impacted rental market performance and the pool of tenants at the higher end of the spectrum continues to shrink.
Rental declines were more pronounced in Business Bay, Discovery Gardens, International City (clusters), Jumeirah Golf Estates, The Springs and Al Furjan Villas, averaging 12-month declines of more than 5 per cent.
Good quality buildings maintained well are seeing good occupancy and rents holding up. Equally units that are well maintained and under management contracts are also faring better in getting the higher rents.
* Statistics and reports provided by Property Monitor powered by Cavendish Maxwell.
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