A large 2 bedroom apartment in Uptown Mirdiff for rent. A new development near the airport and within close proximity of all the shops of the Uptown Area. Rental Price: AED 105,1000.00
Please Contact: Provident Estate
Tel: 04-3233609
E-mail:david@providentestate.com
info@providentestate.com
rentals@providentestate.com
Property rents in Dubai are expected to continue falling this year with the oversupplied residential apartment sector likely to see the steepest falls.
The third quarter will see further falls but it is hoped that prices will stabilise after that, according to the latest report from real estate consultants Landmark Advisory.
There is also hope that the sales market is stabilising. Distressed sales opportunities are largely finished, as sellers refuse to lower existing prices, the report claims.
In some cases, buyers are paying increased rates for sought-after residential developments with limited homes available, according to the transaction-based reference map.
'Smaller villa developments with a limited supply that have tapped into sufficient value recognition among end-users with regards to location, layout, build quality and amenities/facilities are among those residential developments experiencing price increases,' said Jesse Downs, director of research at Landmark Advisory.
Landmark said apartments had experienced a steeper fall in rental and sales prices than villas, and that this would continue to be the case.
The combination of the economic downturn and the completion of a large number of high rise apartments last year have resulted in an oversupply in that segment, the report said.
Meanwhile rents in Qatar are expected to rise over the next year as units from the $14 billion real estate The Pearl hit the market and fuel demand. Properties in Qatar are also expected to hold their value well compared to other GCC countries, according to property broker LifeStyle Homes.
'While the initial panic created by the economic crisis led to selling of some properties, the value of high quality projects in Qatar are expected to remain higher as opposed to the rest of the GCC countries,' a spokesman said.
Dubai Property Rental | Properties for Rent Dubai
