Dubai, United Arab Emirates – If new homes are delivered in Dubai – This can bring a significant impact on rents not just to Dubai, but also to the northern emirates too!
However, for this to happen, the new 200,000 apartments which is expected to be delivered to its owners in Dubai this year should move to the finish line quickly.
According to Asteco Properties, the property values were down by 11% during the year 2015. If so, “rental rates are likely to come under pressure over the course of not only 2016, but also 2017 onwards,” states the latest market update issued by Asteco.
With this news, it can affect the rentals in the northern emirates typically in Ajman and Sharjah (Particularly in Rental Values).
The drop in rental rates will be beneficial for the tenants to negotiate better terms during the contract renewal. Also, the rate reductions can also help in unlocking demand from many household sharing housing accommodation who can now afford their own.