Rents for residential properties in Dubai fell by three per cent during the second quarter of this year, according to a real estate report.
The report, issued by the real estate company MPM Properties Real Estate, the real estate advisory subsidiary of Abu Dhabi Islamic Bank (ADIB), reveals that 6,750 new housing units were launched in the market during the same period, bringing the total residential real estate portfolio of the city to 479,000 units.
It adds that the Dubai market is witnessing the launch of a large number of new real estate projects, reports UAE-based Erem News.
“The volume of new projects in the Dubai market means that properties will increasingly need to appeal to potential buyers’ sense of value,” said Paul Maisfield, CEO of MPM Properties.
“That means a shift towards well managed, self-contained and mid-market properties, particularly close to the Expo 2020 site. We are also seeing a greater emphasis on buyer incentives and unique selling points, especially in the luxury segment and expect buyers to benefit from these trends,” he adds.
The report stresses that the performance of the office sector in Dubai is balanced despite the significant rise in the number of new office properties, with prices remaining generally stable.