Property rents in Dubai are at their lowest level for three years and could drop even further, it has been reported.
Tenants can now rent a studio apartment in International City for as little as AED26,500 a year – down from AED60,000 six months ago, according to a report in 7days.
Cheaper rents are attracting people from neighbouring emirates, like Sharjah and Ajman, because they can now afford Dubai prices.
Real estate agent Mohammed Iftekhar, from Heaven Homes Real Estate, told the paper rents are likely to drop further. “We can’t say to what extent the rents will fall,” he said.
“According to my estimates, at least 2,000 families moved to International City because of the low rents in the last two months. At the same time a lot of people left after losing jobs,” Iftekhar said.
See arabianbusiness.com for the full version of this story.