Dubai: Dubai’s official Rental Index has been updated for 2017, with emerging mid-market locations in Dubailand experiencing sharp increases.
But Dubai’s budget-conscious tenants will still have cause for cheer as the rental band in established areas such as International City and Discovery Gardens have remained stable, according to market sources.
But rents in the high-end communities will continue to be under pressure, with the Index indicating a 12 per cent decline in asking rents for properties on the Palm Jumeirah.
A favoured location in the city among upscale professionals — the Greens — has softened by between 3- to 8 per cent, states the updated listing, which is overseen by Rera (Real Estate Regulatory Agency).
For tenants, the updated Index will give them some ammunition to bring to their negotiations with their landlords, at least in those areas that have seen marked changes from what they were in early 2016, when it was last updated. (The Index is updated annually.)