Rent And prices In Dubai To Get Stabilize

In certain areas in Dubai, there are seen some early signs of recovery as the rent and prices are getting stabilized. This is first seen in Dubai property market as the areas started to see the recovery include Dubai Marina, Emirates Living and Downtown Burj Dubai. This is because that these property projects are of higher quality and is very much attractive especially for people commuting to Abu Dhabi. The communities like The Springs, Downtown Burj Dubai and Jumeirah Beach Residence have not been affected majorly by the decline in the rent as these communities have seen the most inquiries as far as the tenants are concerned.

The residential areas in New Dubai have been explored by people and are still exploring by those who are working in Abu Dhabi as New Dubai is in close proximity to the UAE capital. According to the last industry reports, house prices and rents have significantly relieved in Dubai. The tenants are mostly looking residential units in community developments and they are majorly looking for three to four bedroom townhouses and one to two bedroom apartments. Moreover, the apartment and villas are eased by an average of 15 and 13 percent. Apartment and villa prices have really dropped.

As the property prices have begun to stabilize, Palm Jumeirah has shown a surge in sales prices for apartments and villas to about 20 percent and 7 percent in the second quarter. The agents said that in the first quarter four bedroom garden homes on The Palm were selling for Dh6.5 million which was earlier selling for Dh14 million. Moreover, it got changed in the second quarter as the average rent for studios eased from Dh61,500 to Dh45,000. Thus, these statistics show that the prices have greatly reduced therefore; the prices and rents are being stabilized.