Studio rents edge lower in September in Jumeirah Lakes Towers.
According to the property management firm Asteco, many of the annual apartment rents in Dubai saw little change in September when compared to August. However, in some parts of the city, office rents fell as much as 25% due to an over supply.
Jumeirah Lakes Towers saw a slight decrease in studio rents, dropping from Dh28,000 to Dh26,000. However, the more expensive units stayed the same, with rents averaging around Dh40,000. Also staying the same were the smaller 2 and three bedroom apartments, as well as the 2 and 3 bedroom flats.
Other areas that saw a small decline in annual studio rents included International City, Dubai Marine, Discovery Gardens, and Deira. It’s expected that these rents will continue to fall and more payment options will become available, as more units become available.
The number of short term tenants is increasing as well, as more people have lost their jobs or are in fear of losing their jobs. They simply don’t want to be locked into a long contract with their employment up in the air.
