Jun
12

Dubai Rents Plunge Most Since 2014 as Jobs Dry Up From Oil Rout

By
  • Rents, prices to drop further in summer, Phidar Advisory says
  • Dubai economy, confidence improving, Emirates NBD tracker show

Residential rents in Dubai, where the majority of the population is foreign, declined the most on a monthly basis since the property peak of two years ago, according to Phidar Advisory.

“Landlords are finding it more difficult to rent homes, especially larger and more expensive ones,” Jesse Downs, managing director at Phidar, an advisory firm specializing in real estate, said in a phone interview Sunday. That is mostly due to “recent job losses and a decline in job growth rates.”

Home rents dropped 1.3 percent in May, the biggest drop since May 2014, Downs said. Since the peak, home rents fell at a compound monthly rate of 0.3 percent…

Dubai Rents Plunge Most Since 2014 as Jobs Dry Up From Oil Rout

Share
Categories : Uncategorized

Leave a Reply

You must be logged in to post a comment.