Rents for residential properties in Dubai fell by two per cent during the third 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 the capital values for completed apartment units declined nine per cent year-on-year.
The highest fall was registered across prime developments, which had seen a significant increase in sales since the second half of 2013.
In terms of supply, roughly 2,000 new units were completed during the third quarter, mostly in real estate projects intended for rent.
The total value of residential apartments’ deals fell by 8.6 per cent on a quarterly basis, reaching AED4.22 billion in the third quarter of 2015, compared with AED4.62bn in the second quarter of the same year.
Continuing trends that prevailed in the market over the past period, the third quarter tends to be a relatively quiet period for the real estate market because of the peak summer and holiday season, says the report.