{"id":60034,"date":"2023-10-15T15:17:55","date_gmt":"2023-10-15T12:17:55","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=60034"},"modified":"2023-10-15T15:17:55","modified_gmt":"2023-10-15T12:17:55","slug":"%d8%aa%d8%a8%d8%a7%d8%b7%d8%a4-%d9%88%d8%aa%d9%8a%d8%b1%d8%a9-%d8%a7%d8%b1%d8%aa%d9%81%d8%a7%d8%b9-%d8%a7%d9%84%d8%a5%d9%8a%d8%ac%d8%a7%d8%b1%d8%a7%d8%aa-%d9%81%d9%8a-%d8%af%d8%a8%d9%8a-%d8%a8%d8%b9","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/60034\/","title":{"rendered":"Dubai rents slow down after two years of uninterrupted growth"},"content":{"rendered":"

According to data from real estate brokerage and advisory firm CBRE Group, the pace of rent increases in the most popular neighborhoods in Dubai<\/a> <\/strong>after two years of rising, noting that rents reached record highs in the previous period, following an influx of newcomers to the Middle Eastern financial and business center.<\/p>\n

According to Bloomberg News, average rents have risen in Dubai<\/a> <\/strong>in September by 201.6 TP3T per year, after rising by 211.7 TP3T per year during the previous month. During this period, the average rent for apartments increased by 201.7TP3T and villas by 201.%.<\/p>\n

In September, the average annual rent for a villa in Dubai reached 322,750 AED ($87,870), and while these rents could continue to rise due to the lack of supply in the market, the pace of increase is expected to slow down relatively, according to Taimur Khan, director of research at the real estate consultancy.<\/p>\n

Tenants fleeing high prices<\/h4>\n

Khan added that the slowdown in the pace of rent increases is due to tenants fleeing high prices to less expensive areas on the outskirts of the city. \u201cAlthough demand continues to increase, the rate of rental growth has been declining every month since the beginning of this year ... the number of units for rent in several communities has recorded a decline in rental rates as landlords wishing to enter the market have been forced to lower their asking rents,\u201d he said.<\/p>\n

Rents are starting to increase at a slower pace in areas such as the artificial island of Palm Jumeirah and residential buildings around the world's tallest building, the Burj Khalifa. The average rent for a residential apartment last month reached Dh108,606 per year, the same level as in 2017, according to the consultancy.<\/p>\n

Meanwhile, the number of real estate transactions declined by 81.3 TP3T y-o-y last month, due to a decline in sales of units under construction by 421 TP3T as new projects ran out of units and real estate developers ran out of units to offer.<\/p>\n

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