Property prices and rentals in Dubai and Abu Dhabi softened further, dropping across the board in January, according to REIDIN’s monthly real estate index update.
Dubai tenants are increasingly moving to budget-friendly areas outside the city, putting pressure on rentals. Jumeirah Lake Towers, for example, witnessed a steep fall in one-bedroom rents, decreasing 15,000 dirhams to 75,000 dirhams.
Real estate consultancy Knight Frank said that the residential property market in Dubai will gradually recover in 2017 with a "potential uptick in sale prices and rents from mid-2017 onwards”.
Northern Emirates rents have also started to decline and are projected to fall further during the year.