Dubai: House rents in Dubai have been declining and could fall up to 40-50 per cent by the end of this year, depending on neighbourhoods as the market cools off, according to Dubai government officials.
"The rents have already begun to come down," Marwan Bin Galita, chief executive of Dubai's Real Estate Authority (Rera) told the media on Wednesday. "Depending on the locations, this could range from 10, 20 to up to 50 per cent by the end of the year," he said. However, due to slowdown and delay, around 20 per cent of residential units may not come online this year from 31,003 units previously anticipated. Last year 29,319 units hit Dubai's market. There is also a 40 per cent decrease in the 43,880 units forecast to come online in 2010. With prices in Dubai falling, it is now possible for people, previously priced out of the property market, to buy properties. There are currently 875 projects registered with Dubai's Real Estate Regulatory Authority (Rera). --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to "Dubai-Rentals" group moderated by ............Future Dreamz Real Estate . To post to this group, send email to [email protected] To unsubscribe , send email to [email protected] For more options, http://groups.google.com/group/dubairentals?hl=en -~----------~----~----~----~------~----~------~--~---
