Landmark forwards a drop in Dubai rents by 30pc in August
According to a study published by Landmark Advisory, after a short period of stabilization, Dubai's real estate market, which is in pain right now, will go on to suffer declining prices because of the introduction of new residential properties this year.
The month of August saw rents throughout the emirate decreasing by up to 30%, said the consulting firm. Nonetheless, it also added that some of the areas like Dubai Marina, posted increases between 6 to 11 percent.
Charles Neil, chief executive officer of Landmark Advisory, said in the statement, "The large amount of rents ending during the same period ultimately creates a temporary supply distortion following a period of particularly strong demand."
He explained, "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."
New Zealand News
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