FINANCIAL NEWS

Dubai residential rents rise in February

23 Mar 2010

(MENAFN) A report issued by HC Securities showed that rents have risen over the past two months in Dubai, helped by population spillover from neighboring emirates, contrasting with forecasts of further rental declines this year, Reuters reported.

Rents climbed 1 percent in January on the previous month and then 6 percent in February, the report said, adding that rental yields expanded to 6.5 percent, their highest in almost a year.

Rentals in Dubai were helped by the spillover from neighbouring emirates, particularly Abu Dhabi, which anecdotal evidence suggests gained momentum last year, it said.

Dubai’s real estate market has seen some 18 months of freefall in sale prices and rents as demand dried up amid the global financial crisis.

Property prices and rents have fallen more than 50 percent from their mid-2008 highs and only began to bottom out in the fourth quarter.

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