Bad news for homeowners as rents on villas and apartments in Dubai fall 40% in two months…
We’ve long known that rents in Dubai were going down but nobody predicted that prices would fall by as much as two thirds in two months.
Previously prestigious areas, such as Palm Dubai and Burj Dubai have seen some of the biggest drops, according to research carried out by Arabian Business.
A report published this week by US bank Morgan Stanley said rents in Dubai were down seven percent in December from a peak last summer, while the cost of renting villas had declined 10 percent.
And there is more good news for anyone looking to rent. More Landlords, in areas such as Downtown Burj Dubai, The Springs, and The Meadows are starting to accept 12 cheques rather than the usual one or two for rent, meaning tenants have more time to save up rather than taking out huge loans to cover the cost.