RESIDENTIAL RENTS IN DUBAI STARTING TO STABILIZE: Residential rents in Dubai are witnessing stabilisation after three years of upsurge. While new rental contracts and renewals come at higher lease rates, landlords are becoming more flexible in negotiations, resulting in some contracts being signed below the asking price. This trend is noticeable across various communities and popular residential locations in the emirate. If this pattern continues, it could indicate a levelling off in rental prices, which would bring relief to both current and new residents. The increase in housing supply, particularly in areas like Meydan, the Arabian Ranches 3 and Al Furjan, also seem to be impacting rental growth. According to Asteco, the property services firm, 11,000 residences were delivered during Q2-23 and forecasts a further increase in supply, which could impact the overall rental trends in Dubai. (By Nivetha Dayanand, Web Editor)
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