Dubai rents expected to gradually decline by ten per cent
The H Holding Enterprises Group has forecast that Dubai’s real estate sector will witness major changes in purchasing and leasing levels in 2016.
The company revealed that rental prices would see a significant correction, which may be faster than expected, reports UAE-based Aliqtisadi.
Estimates indicate the presence of thousands of real estate units and villas under delivery during the current year in which JLL has predicted that the global prices of residential rents would drop by ten per cent, not because the market is slowing down, but because of the high number of delivered units ready for rental.
Hafeez Abdullah, chairman of The H Holding Enterprises, said: “there are 12,000 apartments and nearly 2,000 villas to be delivered this year, according to a report by Asteco, and the low rents enhance the emirate’s competitiveness rates on the regional and international markets as a destination for work and living.”