Rents not increasing

Great news if you’re looking for somewhere to live.

The cost of renting a one-bed apartment in Dubai did not rise at all during the last three months of 2008, according to a new report.

This was part of a general slowdown in rent rises for many apartments in Dubai and Abu Dhabi during the period, the UAE-based property services firm Asteco said in its fourth quarter report.

After years of extreme rental inflation, it seemed the UAE would at last enjoy a sustained period of stability, said Andrew Chambers, managing director of Asteco.

“Certainly for the next three to nine months I don’t think there will be anything that will cause a move back to rapid inflation,” Chambers said.

Average annual rent for studios, and apartments with one, two and three bedrooms in Dubai were Dhs80,000, Dhs123,000, Dhs165,000 and Dhs243,000 respectively, Asteco reported.

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