Dubai rent prices 'dropping year-on-year'

Time Out has news Dubai rent prices 'dropping year-on-year', according to figures released by a leading property website in Dubai

It is getting cheaper to live in Dubai, that's official.

Figures released this week show the cost of renting in the emirate were at least five per cent in February 2016 than they were a year earlier.

The bigger impact was felt on villas, which saw a decrease of 5.7 per cent, while apartments was 5.4 per cent.

However down in the capital, Abu Dhabi renters saw their costs rise by a little under one per cent overall.

The figures suggest talk of a turnaround in Dubai's property market won't come to fruition this year, with the website Bayut.com saying value will remain 'more or less steady' in 2016.

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Core, a UAE associate of Savills property group went one step further claiming the market will soften even more over the next 12 months, while a senior economist at the National Bank of Abu Dhabi was quoted in Gulf News as insisting 'a further two per cent to three per cent reduction in rents is likely to happen this year'.

In earlier reports it was revealed that January 2016 was actually more expensive per apartment than December 2015, suggesting a fluctuating market.

In the information published by Bayut.com, it revealed the average cost of rental apartments in Dubai was Dhs138,000. The same report studios and one-bedroom apartments decreased by less than one percent.

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