Update on Dubai rents

As observed in the beginning of 2008, the slow down of residential rent increases in Dubai continued through the second quarter as well, according to property services company Asteco’s quarterly real estate report.

According to the report, no significant residential rental increases were observed over the last three months however year-on-year average residential rents in Dubai climbed by almost 22%.

Sheikh Zayed Road continues to be one of the most coveted residential areas recording the highest annual rental growth of 51%. Bur Dubai and Ghusais areas follow close with yearly rent increases of 42% and 40% respectively.

Bur Dubai continues to hold its position as the preferred location offering a variety of conveniences, transport options and entertainment despite traffic woes. Ghusais, on the other hand, has recently grown in popularity among families due to its fast development, less congestion and accessibility to the airport, Al Khail and Emirates roads.

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