- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:31 05:49 12:21 15:48 18:47 20:05
The survey showed that Dubai residents are still very likely to move homes due to continued rent increases. (Dennis. B. Mallari)
Residential rents in Dubai peaked in February 2014, but the pace of increase slowed down drastically in June, reveals data released by Reidin.com.
In February, rentals jumped 2.99 per cent month-on-month (m-o-m) as apartments and villas registered an increase of 3.27 per cent and 1.64 per cent respectively.
During the peak summer month of June rental prices recorded the lowest increase of 0.16 per cent. Apartments saw lease rates going up mere 0.13 per cent while villas rose 0.30 per cent.
Reidin.com’s rental index for villas actually went into the negative territory in April, declined by 0.03 per cent though apartments continued to rise by 2.08 per cent.
‘Emirates24|7’ reported earlier that rents rose marginally in October, but were up almost 18 per cent in the past 12 months, based on Reidin.com data.
Real Estate Regulatory Agency, the legal arm of Dubai Land Department, has advised tenants to approach the Rental Dispute Settlement Centre of Dubai Land Department in cases of higher rental hikes.
Price declined in August
Residential property sales prices rose 0.54 per cent in October, Reidin.com said, putting price increase to 24.2 per cent year-on-year.
The sales price index slipped into negative in August, showing a decline of 0.60 per cent, with apartment and villa prices declining 0.64 per cent and 0.43 per cent respectively.
February, again, registered the maximum increase in property prices. Overall, prices jumped 3.70 per cent, with apartments and villas registering an increase of 3.80 per cent and 3.28 per cent respectively.
Earlier this year, UK-based Knight Frank had said that Dubai could see prices rise by 10 to 15 per cent in 2014, being one of the few countries to register a double-digit price growth.
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