Dubai tenants can celebrate as median advertised apartment rents were five percent cheaper in H1 2019, according to the new Property Finder Trends report. Average median annual rent for Dubai apartments totaled AED 79,650 ($21,700), 21 percent lower than in H1 2017.
Rental price decreases in the apartment market has also affected villas and townhouses. Year-on-year rents for Dubai villas and townhouses have dropped 8.6 percent, and 3.8 percent compared to H2 2018. The report found that the average median annual rent for Dubai villas stands at AED 166,667.
Established communities also saw a dip in rent, suggesting that this decline is not just confined to the impact of new affordable villa stock coming online. Property Finder noted that there were some 19,449 new residential properties completed in Dubai during H1 2019, meaning there is still some time before extra supply levels are absorbed.
Director of Data and Research for Property Finder Lynnette Abad said, “For the rental market, declines overall have seen a modest drop when comparing with prices from the last six months. The trend of being able to find bargains for everything from lower prices, an increased number of cheques as well as other incentives such as free utilities, are proving popular amongst renters.”