Dubai housing rents hold steady as prices decline, says report
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Dubai housing rents hold steady as prices decline, says report

Dubai housing rents hold steady as prices decline, says report

Demand from residents of neighboring emirates is helping to stabilise rents in Dubai, while property prices continue to fall in the emirate due to oversupply, Deutsche Bank said in a new report. Apartment rents rose 1.1% in March, compared with the previous month, the report said. Villa rents gained 1.3% during the same period. "We probably underestimated, a year ago, the amount of migration from the other emirates to Dubai that has created a lot of demand," Ahmed said in a phone interview today. "A lot of people upgraded for better properties" and many moved to Dubai from Sharjah and the Northern Emirates. Many Abu Dhabi workers live in Dubai to take advantage of cheaper quality housing, he said.

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