Rents in Dubai “fixed on an upward path”
Dubai rents look to be “fixed on an upward path”, according to a new CBRE report on the emirate’s property market.
The real estate adviser’s Q3 report showed that residential rents had risen by up to 5% in the last three months.
CBRE' said: "Although the real estate market is usually relatively subdued through the summer and Ramadan periods, this year the residential market was very active, with apartment and villa lease rates increasing by around 6 percent and 4 percent respectively.
"The continued influx of a quality workforce and the migration of tenants from neighbouring emirates continues to influence occupancy and lease rates," it continued.
According to data from the Dubai Land Department, the number of residential transactions in Q3 2012 totaled 2,876 – an 82% increase year-on-year, reported Arabiam Business.
Around 62% of these transactions were in prime areas such as Dubai Marina and Emirates Living.
So far this year, the value of all residential transactions has reached AED10.3 billion ($2.8 billion), compared to approximately AED6.9 billion ($1.9 billion) for the same period in 2011.