Rents drop 25%

Rents in Dubai could drop by up to a quarter, according to a new report…<br /><br />

Dubai-based estate agents Landmark Properties have predicted rents in Dubai will tumble even further.

The study, which refers to villas more than apartments, blames job losses and more new homes on the market for the drop.

Jesse Downs, Landmark Advisory’s head of research, said several factors had caused the capital’s average rents to “hit a ceiling”.

“Residents simply could not afford to pay higher prices. This [stabilisation of rents] will have a positive impact on residents,” she said, “and also the companies who very often bear the burden of these large increases in housing costs through their housing allowances and expatriate compensation packages.”

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