It's been a good time for tenants in Dubai and Abu Dhabi during the past 12 months as rents have tumbled and landlords have been more open to negotiation.
And the market slide has stretched to Sharjah and the rest of the Northern Emirates, with an average decline of 11 per cent year on year across the area, according to a new report from Asteco.
Apartment rents were down 1 per cent on average during the first quarter, while the biggest drop was for high-end units in Ajman which fell 3 per cent.
High-end units in Ras Al Khaimah and Fujairah fell 8 per cent and 10 per cent respectively year-on-year.
“We expect a further pressure on apartment rental rates, as recovery rates in the Northern Emirates are directly impacted by the delivery of supply in Dubai,” said Asteco managing director John Stevens.
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Read more:
Dubai rents Q1, 2018: All you need to know
Abu Dhabi rents in Q1, 2018: All you need to know
Inside a Dh98m Emirates Hills mansion in Dubai - in pictures
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Thousands of new units have become available in Dubai during the past year, pushing down rents by double digit amounts in many areas of the city, and thousands more are in the pipeline for the rest of 2018.
In years gone by, when rents in Dubai were higher, many residents would move further north and commute to save on expenses, in turn leading to more stability in the rental rates in Sharjah and the Northern Emirates.
In Sharjah, the most significant drop was in Rolla where rents dipped 4 per cent in the first three months of the year.
Rents fell by 14 per cent year-on-year in Al Wahda, 13 per cent in Abu Shagara, 9 per cent in both Rolla and Al Yarmook, and 7 per cent in Al Butina, according to the report.
No major residential projects were added in Q1, but Sharjah expects new residential supply to come from the completion of Nasma Residences Phase 1 and Al Zahia Residences by the end of the year.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
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A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Biography
Favourite Meal: Chicken Caesar salad
Hobbies: Travelling, going to the gym
Inspiration: Father, who was a captain in the UAE army
Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
Favourite film: The Founder, about the establishment of McDonald's
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
COMPANY%20PROFILE
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
