According to the reports by the real estate consultancy firms in UAE, the fall in house rents in the country has been estimated to be 30 percent even though there are stabilizations in some parts.
Another source, Landmark Advisory says that the decline has been drastic since the last five months in most of parts of Dubai. In the same time, there are exceptions to this study as there are unit preferred types prominent across the city.
The reports convey that there are apartments who have raised their rents by 6 percent for 2 bedroom units and as high as 11 percent for the one bedroom ones. On the other hand, you can also find other places where the rents of 3 and 4 bedroom villas have come down to the rent of March 2009.
The CEO of Landmark Advisory, Charles Neil said, “"The increasing rents can be attributed to a lack of supply, many landlords have removed inventory from the market to avoid renting out at current market rates while others may be out of town during the summer period and consequently unavailable. We predict that the month of Ramadan will also affect the leasing supply as many landlords are waiting until Q409 to reassess the market."
He also said that usually the property demands were on the hike during June – July period as the contracts end during this time. Today, the condition is different with such a study being brought up.
Tuesday, August 25
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