The Dubai Real Estate Regulatory Authority (Rera) released the new rental index, which was expected to show a 10 to 15 per cent drop in rentals in some areas. Some industry experts, however, said that the reduction could be significantly higher and could be as much as 30 per cent.
Finally, the index is out and hopefully won’t be commented with criticism, as the newly revised rental prices represent the actual situation. The annual rent for two bedroom apartment in Dubai Marina starts from AED 85,000, while villas on the Palm Jumeirah can be found form AED 350,000 onwards. This represents a correction in the range between 25% and 30% from the previously listed figures in the official rental index.
Talk on Dubai’s falling rentals is exciting average-income earners. Many are hopeful they will finally be able to move into bigger apartments which were once beyond their price range.
