(MENAFN) During the first three months of 2018 residential rents across the emirate of Dubai were stable, which helped boost the annual rate of change to -3.1% compared to -7.7% at the end of 2017, a new report showed.
"The growing volume of off-plan investment stock, destined to be made available for rent after handover, is likely to pose challenges in the future. The ability of the rental market to absorb a high volume of new stock will likely be tested over the next three years," international real estate consultancy Cluttons stated.
"We expect newly completed rental properties to command the attention of tenants, while older and more secondary property will register rent falls. This flight to quality phenomenon will likely result in the creation of a very distinctive two-tiered market," commented Murray Strang, Head of Cluttons Dubai.
MENAFN2204201800450000ID1096754466
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.