UAE: Rental market in Dubai hits ‘all-time low’

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Rental rates in Dubai hit an all-time low in the third quarter of the year.

According to JLL’s latest UAE Real Estate Market Performance report, rents in the emirate fell by 12 percent year-on-year, surpassing the lowest point on the rental index from almost a decade ago in 2010/11.

And experts from the real estate outfit are expecting the sector to continue being a favourable one for tenants.

The report revealed Abu Dhabi’s residential market also recorded some softening, with declines of 3.5 percent on average on an annual basis.

READ  Where are rents dropping fastest in Dubai?

In terms of sales prices, Dubai registered a nine percent decline for Q3 2020 compared to the same period last year; while Abu Dhabi saw a three percent average drop.

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