Rents are falling…who wants to move to a new home in UAE?
Property Finder said in a report last year that the residential property prices in Dubai will continue their decline in 2019 due to increased supply entering the market.
Butaina area experienced the biggest drop in rents (17 per cent), followed by Al Nabba (10 per cent), Al Nahda, Al Qasimia and Al Ghuwair (nine per cent). Three-bedroom apartments for rent in Butaina experienced the largest decrease in rents by – 44 per cent.
But does that mean people are moving to Dubai? Mohan Kumar, a Sharjah-based insurance company employee, has been living in an apartment complex in Al Qasimia for over 10 years. When he first moved into the three-bedroom flat in 2008, the rent was Dh40,000. Today, he pays Dh33,000 for the same apartment, and the landlord has thrown a free parking facility into the mix.