Dubai rent prices at lowest point in 2 years

Residential rates in Dubai are at their lowest since 2014 and will continue to fall this year, according to Dubai-based consultancy Phidar Advisory.

Rent declined by 1.3 per cent month-on-month in May, compared with a compound monthly average decline of just 0.3 per cent since the most recent market peak in May 2014, Phidar said on Sunday.

And prices are expected to continue to fall in the coming months, the company predicts.

“Talk of a house price floor is entering the media again, yet our research indicates rent declines are accelerating and will likely continue through the summer,” said Jesse Downs, the managing director of Phidar Advisory.

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