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Apartment rents fall 5pc
DUBAI — Apartment rents in Dubai fell by 5 per cent during the first quarter, compared to the same period last year, while villa rental rates in the emirate remained stable with no significant change, according to property services company, Asteco.
The increased supply in the market was the main reason for the slight decline in apartment rents in the emirate, but some areas such as Downtown Dubai witnessed increases of 2 per cent, according to the company. However, office rents continue to fall and have seen an average drop of 7 per cent due to subdued demand and increased supply, the report said.
Apartment rents in Downtown Dubai and Palm Jumeirah increased by an average of 2 per cent and rents remained stable in Jumeirah Beach Residence due to the popularity of these developments which offer community living and an abundance of retail and entertainment facilities,” the report said.
Apartment rents in areas such as Discovery Gardens, Dubai Marina and Jumeirah Lakes Towers “are expected to decline further throughout the year due to numerous projects reaching completion.”
“Over the past 25 years we have seen various peak and troughs in the property market with an overall incredible growth in the region. The only constant is change and the positive upturn after every decline,” Asteco Property Management chief executive Elaine Jones said. “Demand for villas was predominantly for those in established locations such as Jumeirah where rental rates remain unchanged over the last quarter and in the Palm Jumeirah and The Springs which recorded slight increases of 5 per cent and 2 per cent respectively.”
“Developments along Emirates Road such as The Green Community and Arabian Ranches continue to generate demand from Abu Dhabi as rental rates are competitive, however, increased availability in Arabian Ranches, Green Community and Mirdif have resulted in slight drops in rental rates.”
Villa sales prices remained almost flat, recording an average decrease of 1 per cent over the last quarter.
“Established communities such as The Springs, Meadows and Arabian Ranches are the preferred choice for buyers. There is good demand for smaller villas due to the price point on both a sale and lease basis. Although the number of enquiries is strong, there is still a gap between asking prices and what buyers are willing to pay,” Asteco said. Asteco said it has registered an increase in sales volume in the first quarter of 2010 compared with last quarter of 2009, especially on the Palm Jumeirah and Downtown Dubai. “This is in line with both increased availability of finance at lower rates and availability of affordable deals,” Asteco said.
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