RobbyG
Asking prices for villa rentals in Dubai have fallen by 34% in the first three months of 2009, from their levels at the end of December 2008, a new report has found. Apartment rentals in the city have also fallen, by 22%, in the same period.
A quarterly report on the Dubai property market by property services company Asteco has found that residential rental rates have fallen across property types in the emirate.
The report compared asking prices in Q1 2009 with those at the end of Q4 2008.
Villa rentals fell by 34%, while apartment rentals fell by 22% on average.
As well as falling prices, the report highlights the change in renting options that landlords and property owners in Dubai have begun to implement. Tenants now have options to pay with up to 12 cheques, and have greater grace periods.
These initiatives are partly a reaction to the restricted access to bank financing, making the former one cheque system difficult to maintain, and partly a reaction to tenants' new found range of pricing choices.
New apartment prices
The report found that average rents for studios, one bedroom, two bedroom and three bedroom apartments over the course of Q1 2009 stood at Dhs61,500, Dhs93,000, Dhs132,500 and Dhs185,000 respectively.
Newer developments are attracting the majority of consumer interest as units come online and the surrounding infrastructure nears completion.
'Developments such as Jumeirah Beach Residence have received a great deal of interest due primarily to the abundance of retail shops and restaurants on the Walk, its proximity to Dubai Marina Mall, its completed infrastructure and the fact that's it's well occupied,' says the report.
Capital sale prices for apartments have suffered a larger fall than rental rates, with the decline averaging at 39% over Q1 2009, from December 2008. The report points to prices beginning to stabilize, but only as they approach initial project launch levels.
Villa prices
The report finds that villa rental returns over the course of Q1 now fetch an average of Dhs160,000, Dhs215,00, Dhs264,000 and Dhs366,000 for two-, three-, four- and five bedrooms properties respectively. Villas in the Springs development have seen the largest percentage falls in rental returns. Capital sale prices for villas have fallen by an average of 43% from Q4 2008 levels.
'Tenants are now in a stronger position to re-negotiate rental contracts. Landlords have recognized that they have to entice tenants with competitive rents, or offer alternative payment options and benefits,' the report states.
Rental prices are unlikely to resume growth over the short term as the city adjusts to changing rates of immigration/emigration and more units come onto the market.
The rates given by the report, being averages of transactions over three months, are still above the current asking prices for annual leases for most of the named property types.
sage & onion
- RobbyG wrote:
Asking prices for villa rentals in Dubai have fallen by 34% in the first three months of 2009, from their levels at the end of December 2008, a new report has found. Apartment rentals in the city have also fallen, by 22%, in the same period.
A quarterly report on the Dubai property market by property services company Asteco has found that residential rental rates have fallen across property types in the emirate.
The report compared asking prices in Q1 2009 with those at the end of Q4 2008.
Villa rentals fell by 34%, while apartment rentals fell by 22% on average.
As well as falling prices, the report highlights the change in renting options that landlords and property owners in Dubai have begun to implement. Tenants now have options to pay with up to 12 cheques, and have greater grace periods.
These initiatives are partly a reaction to the restricted access to bank financing, making the former one cheque system difficult to maintain, and partly a reaction to tenants' new found range of pricing choices.
New apartment prices
The report found that average rents for studios, one bedroom, two bedroom and three bedroom apartments over the course of Q1 2009 stood at Dhs61,500, Dhs93,000, Dhs132,500 and Dhs185,000 respectively.
Newer developments are attracting the majority of consumer interest as units come online and the surrounding infrastructure nears completion.
'Developments such as Jumeirah Beach Residence have received a great deal of interest due primarily to the abundance of retail shops and restaurants on the Walk, its proximity to Dubai Marina Mall, its completed infrastructure and the fact that's it's well occupied,' says the report.
Capital sale prices for apartments have suffered a larger fall than rental rates, with the decline averaging at 39% over Q1 2009, from December 2008. The report points to prices beginning to stabilize, but only as they approach initial project launch levels.
Villa prices
The report finds that villa rental returns over the course of Q1 now fetch an average of Dhs160,000, Dhs215,00, Dhs264,000 and Dhs366,000 for two-, three-, four- and five bedrooms properties respectively. Villas in the Springs development have seen the largest percentage falls in rental returns. Capital sale prices for villas have fallen by an average of 43% from Q4 2008 levels.
'Tenants are now in a stronger position to re-negotiate rental contracts. Landlords have recognized that they have to entice tenants with competitive rents, or offer alternative payment options and benefits,' the report states.
Rental prices are unlikely to resume growth over the short term as the city adjusts to changing rates of immigration/emigration and more units come onto the market.
The rates given by the report, being averages of transactions over three months, are still above the current asking prices for annual leases for most of the named property types.
RG, can you tell us exactly what was the point of you posting this article, when it is common knowledge here in Dubai?
rudeboy
- sage & onion wrote:
- RobbyG wrote:
Asking prices for villa rentals in Dubai have fallen by 34% in the first three months of 2009, from their levels at the end of December 2008, a new report has found. Apartment rentals in the city have also fallen, by 22%, in the same period.
A quarterly report on the Dubai property market by property services company Asteco has found that residential rental rates have fallen across property types in the emirate.
The report compared asking prices in Q1 2009 with those at the end of Q4 2008.
Villa rentals fell by 34%, while apartment rentals fell by 22% on average.
As well as falling prices, the report highlights the change in renting options that landlords and property owners in Dubai have begun to implement. Tenants now have options to pay with up to 12 cheques, and have greater grace periods.
These initiatives are partly a reaction to the restricted access to bank financing, making the former one cheque system difficult to maintain, and partly a reaction to tenants' new found range of pricing choices.
New apartment prices
The report found that average rents for studios, one bedroom, two bedroom and three bedroom apartments over the course of Q1 2009 stood at Dhs61,500, Dhs93,000, Dhs132,500 and Dhs185,000 respectively.
Newer developments are attracting the majority of consumer interest as units come online and the surrounding infrastructure nears completion.
'Developments such as Jumeirah Beach Residence have received a great deal of interest due primarily to the abundance of retail shops and restaurants on the Walk, its proximity to Dubai Marina Mall, its completed infrastructure and the fact that's it's well occupied,' says the report.
Capital sale prices for apartments have suffered a larger fall than rental rates, with the decline averaging at 39% over Q1 2009, from December 2008. The report points to prices beginning to stabilize, but only as they approach initial project launch levels.
Villa prices
The report finds that villa rental returns over the course of Q1 now fetch an average of Dhs160,000, Dhs215,00, Dhs264,000 and Dhs366,000 for two-, three-, four- and five bedrooms properties respectively. Villas in the Springs development have seen the largest percentage falls in rental returns. Capital sale prices for villas have fallen by an average of 43% from Q4 2008 levels.
'Tenants are now in a stronger position to re-negotiate rental contracts. Landlords have recognized that they have to entice tenants with competitive rents, or offer alternative payment options and benefits,' the report states.
Rental prices are unlikely to resume growth over the short term as the city adjusts to changing rates of immigration/emigration and more units come onto the market.
The rates given by the report, being averages of transactions over three months, are still above the current asking prices for annual leases for most of the named property types.
RG, can you tell us exactly what was the point of you posting this article, when it is common knowledge here in Dubai?
lol hahahaha thats exactly what i want to know. yet ppl will keep on posting same thing again and again and again.
Captain Australia
Yeah, seriously dude. We all know prices have dropped a sh!tload. There have been countless articles and the RERA index the other week (which is probably quite conservative) confirmed it. Old news.
RobbyG
I'm sooo sorry for you guys, that you know it all already. 8)
For the people on DF that do want to see an easy status update, without scanning the entire word wide web, I keep posting this information.
It might come in handy for people that move out and renegotiate soon.
By the way, remember you don't HAVE to watch this topic. You're free to skip it. ;)
Make use of that privilege.
You and I for instance know hundreds of other DF topics that make even less of a topic/thread than this. So this effort of you holds no ground fellows. If this recent information sharing isn't allowed anylonger, I wonder what my contribution to this forum really is, beside posting non-sense topics like most of you do.
Think about that. ;)
sage & onion
- RobbyG wrote:
I'm sooo sorry for you guys, that you know it all already. 8)
For the people on DF that do want to see an easy status update, without scanning the entire word wide web, I keep posting this information.
It might come in handy for people that move out and renegotiate soon.
By the way, remember you don't HAVE to watch this topic. You're free to skip it. ;)
Make use of that privilege.
You and I for instance know hundreds of other DF topics that make even less of a topic/thread than this. So this effort of you holds no ground fellows. If this recent information sharing isn't allowed anylonger, I wonder what my contribution to this forum really is, beside posting non-sense topics like most of you do.
Think about that. ;)
But why do you keep going on about property in Dubai when you live in Holland?
RobbyG
- sage & onion wrote:
- RobbyG wrote:
I'm sooo sorry for you guys, that you know it all already. 8)
For the people on DF that do want to see an easy status update, without scanning the entire word wide web, I keep posting this information.
It might come in handy for people that move out and renegotiate soon.
By the way, remember you don't HAVE to watch this topic. You're free to skip it. ;)
Make use of that privilege.
You and I for instance know hundreds of other DF topics that make even less of a topic/thread than this. So this effort of you holds no ground fellows. If this recent information sharing isn't allowed anylonger, I wonder what my contribution to this forum really is, beside posting non-sense topics like most of you do.
Think about that. ;)
But why do you keep going on about property in Dubai when you live in Holland?
If have told you many times now in different topics.
I wonder how many characters or personalities you have hiding behind that avatar Sage.
I don't like to repeat myself more than twice. Do a search.
sage & onion
- RobbyG wrote:
- sage & onion wrote:
- RobbyG wrote:
I'm sooo sorry for you guys, that you know it all already. 8)
For the people on DF that do want to see an easy status update, without scanning the entire word wide web, I keep posting this information.
It might come in handy for people that move out and renegotiate soon.
By the way, remember you don't HAVE to watch this topic. You're free to skip it. ;)
Make use of that privilege.
You and I for instance know hundreds of other DF topics that make even less of a topic/thread than this. So this effort of you holds no ground fellows. If this recent information sharing isn't allowed anylonger, I wonder what my contribution to this forum really is, beside posting non-sense topics like most of you do.
Think about that. ;)
But why do you keep going on about property in Dubai when you live in Holland?
If have told you many times now in different topics.
I wonder how many characters or personalities you have hiding behind that avatar Sage.
I don't like to repeat myself more than twice. Do a search.
You have certainly repeated this subject more than twice though.
RobbyG
- sage & onion wrote:
- RobbyG wrote:
- sage & onion wrote:
- RobbyG wrote:
I'm sooo sorry for you guys, that you know it all already. 8)
For the people on DF that do want to see an easy status update, without scanning the entire word wide web, I keep posting this information.
It might come in handy for people that move out and renegotiate soon.
By the way, remember you don't HAVE to watch this topic. You're free to skip it. ;)
Make use of that privilege.
You and I for instance know hundreds of other DF topics that make even less of a topic/thread than this. So this effort of you holds no ground fellows. If this recent information sharing isn't allowed anylonger, I wonder what my contribution to this forum really is, beside posting non-sense topics like most of you do.
Think about that. ;)
But why do you keep going on about property in Dubai when you live in Holland?
If have told you many times now in different topics.
I wonder how many characters or personalities you have hiding behind that avatar Sage.
I don't like to repeat myself more than twice. Do a search.
You have certainly repeated this subject more than twice though.
Thats right, its a moving market. Several reports, momentum shifting and hot topic nowadays in circles.
Nothing wrong about that.
sage & onion
- RobbyG wrote:
- sage & onion wrote:
- RobbyG wrote:
- sage & onion wrote:
- RobbyG wrote:
I'm sooo sorry for you guys, that you know it all already. 8)
For the people on DF that do want to see an easy status update, without scanning the entire word wide web, I keep posting this information.
It might come in handy for people that move out and renegotiate soon.
By the way, remember you don't HAVE to watch this topic. You're free to skip it. ;)
Make use of that privilege.
You and I for instance know hundreds of other DF topics that make even less of a topic/thread than this. So this effort of you holds no ground fellows. If this recent information sharing isn't allowed anylonger, I wonder what my contribution to this forum really is, beside posting non-sense topics like most of you do.
Think about that. ;)
But why do you keep going on about property in Dubai when you live in Holland?
If have told you many times now in different topics.
I wonder how many characters or personalities you have hiding behind that avatar Sage.
I don't like to repeat myself more than twice. Do a search.
You have certainly repeated this subject more than twice though.
Thats right, its a moving market. Several reports, momentum shifting and hot topic nowadays in circles.
Nothing wrong about that.
But why are you so interested in the Dubai Property Market?
1 Dubai Jobs .com The First Place to Find a Job in Dubai
RobbyG
Why do you like your hobbies? 8)
sage & onion
- RobbyG wrote:
Why do you like your hobbies? 8)
Now that is a strange hobby indeed.
RobbyG
- sage & onion wrote:
- RobbyG wrote:
Why do you like your hobbies? 8)
Now that is a strange hobby indeed.
Investing is the greatest hobby you can have. Makes you routinely check different sources. Opens the mind in a positive way.
Money = strange :idea:
sage & onion
- RobbyG wrote:
- sage & onion wrote:
- RobbyG wrote:
Why do you like your hobbies? 8)
Now that is a strange hobby indeed.
Investing is the greatest hobby you can have. Makes you routinely check different sources. Opens the mind in a positive way.
Money = strange :idea:
OK so tell us, have you invested in the Dubai Market?
RobbyG
- sage & onion wrote:
- RobbyG wrote:
- sage & onion wrote:
- RobbyG wrote:
Why do you like your hobbies? 8)
Now that is a strange hobby indeed.
Investing is the greatest hobby you can have. Makes you routinely check different sources. Opens the mind in a positive way.
Money = strange :idea:
OK so tell us, have you invested in the Dubai Market?
I don't have the resources to do that kind of purchases yet. Jobless remember? I do have equity investments. A little push further and I'm in the green again, overall. Mostly commodities like junior/intermediate mining companies. Recent period was excellent for dollar cost averaging, so I used the opportunity to position myself for the new long term upturn.
I'm always told; You can never start young enough. ;)
Leaves me with many interests though. So it will be. :idea:
Tim Patterson
Junior / Intermediate mining companies do some pretty nasty business in many parts of the world....