The world’s most indebted developers, the world’s fastest declining property prices, the world’s most half-finished property developments (if only per head of population) and now the first time a 17% rental decline has ever been looked upon in a positive light.

According to Dubai rental management firm Asteco Dubai rents fell 17% in 2010, and because that is less than the 24% fall seen in 2009 and the final quarter’s 3% fall was the slowest in the year, this is “an indication that the market is showing signs of stabilisation”, the company said. But this means that Dubai rents have fallen 41% in 2 years.

Dubai property prices are thought to have fallen 50% since the crisis began. Many other places have seen prices fall as hard if not as fast, and many of those are still seeing prices fall now, but in most places rental is now picking up.

In the UK and America those who have lost their homes to repossession are all looking for houses to rent generating strong demand. A similar situation now exists in the UK if more to do with the reluctant landlords having found the confidence to try and sell once more. But in Dubai rents fell 17% in 2010, a slowing rate of fall is a good thing, but let’s face it that’s not great is it?

This Post is from: Overseas Property Mall, part of Fuzz One Media Group

Dubai Rents ONLY Fell 17% in 2010

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