FINANCIAL NEWS

Dubai rents see a marginal increase in Q1

26 Mar 2012

(MENAFN) A report issued by property consultancy firm Asteco found that Dubai apartment and villa rents rose 1 percent on the average in the first quarter of 2012, Arabian Business reported.

The report noticed a lower number of listings for certain unit types in established locations such as Downtown Dubai and Green Community, resulting in higher asking rents.

The marginal increase was driven mainly by incentives such as rent-free periods, no agency fee, free utilities, Asteco added.

The report said apartment sales prices remained relatively stable with some increases in Palm Jumeirah and the Greens, both popular areas among executives and families.

Discovery Gardens saw deeper falls due to the large amount of supply, low rental rates and high service charges.

Earlier this month, the Knight Frank Global House Price Index showed that Dubai property market saw a bigger recovery in the final quarter with a 2.3 percent rise, putting the emirate in the top 10 performers in the world for the period.

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