{"id":24419,"date":"2016-08-30T21:42:00","date_gmt":"2016-08-30T14:42:00","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=24419"},"modified":"2016-08-30T20:29:56","modified_gmt":"2016-08-30T13:29:56","slug":"dubai-rents-fall-less-than-expected-in-first-half-as-delivery-of-new-homes-slows","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-rents-fall-less-than-expected-in-first-half-as-delivery-of-new-homes-slows\/","title":{"rendered":"Dubai rents fall less than expected in first half as delivery of new homes slows"},"content":{"rendered":"


\nRents in Dubai have fallen less than expected during the first half of the year as an expected glut of new homes coming onto the market slowed to a trickle.According to property agent Asteco, average rents for flats in Dubai fell by just 2 per cent since the start of the year and average villa rents fell 1 per cent.Despite predictions that as many as 20,000 new homes could be handed over this year, Asteco reported that 3,000 apartments were handed over to buyers during the first half of the year as developers delayed projects waiting for the market to pick up.Asteco said that rents for larger units fell by more than the average – over 3 per cent – as tenants attempted to reduce a growing cost of living by cutting costs wherever they could, sending family members back to their home countries and moving to smaller units. “Various measures to improve government revenues are being considered by the Ministry of Finance such as the implementation of value added tax (VAT) from 2018 onwards, as well as additional taxes on other products,” said John Stevens, Asteco’s managing director.”Increases in water and electricity charges are also being considered. This would lead to a significant rise in the cost of living, which may become prohibitive for many residents. This would accentuate a trend already seen since the beginning of the year, whereby residents are becoming more budget-conscious, downsizing to more affordable units and, in some cases, sending family members back to their home country.”Rents for high-end one-bedroom apartments in DIFC fell from Dh113,000 last year to Dh108,000 in the first half of this year, Asteco said, and in Downtown Dubai they fell from Dh115,000 to Dh110,000. For larger apartments the declines were even more pronounced. For the average three-bedroom apartment in DIFC, rents fell from Dh230,000 last year to Dh210,000.But for smaller units in more afford\u00adable locations rents in some locations actually increased. According to Asteco, the average rent for a one-bedroom unit in Business Bay rose from Dh93,000 in 2015 to Dh95,000 in the first half of 2016. And in the Greens, rents rose from Dh95,000 to Dh98,000.lbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Dubai rents fall less than expected in first half as delivery of new homes slows<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Rents in Dubai have fallen less than expected during the first half of the year...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-24419","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-6lR","jetpack-related-posts":[{"id":43955,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/falling-dubai-housing-rents-to-come-under-further-pressure-this-year\/","url_meta":{"origin":24419,"position":0},"title":"Falling Dubai housing rents to come under further pressure this year","date":"February 13, 2017","format":false,"excerpt":"\r Housing rents in Dubai fell during the final quarter of 2016 and look set to come under further pressure this year.According to property broker Asteco, average apartment rents in Dubai fell by 5 per cent in the final three months and ended the year an average of 6 per\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44235,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-broker-asteco-expects-abu-dhabi-rents-to-fall\/","url_meta":{"origin":24419,"position":1},"title":"Property broker Asteco expects Abu Dhabi rents to fall","date":"February 15, 2017","format":false,"excerpt":"\r Asteco has become the latest property broker to forecast rent declines in Abu Dhabi this year as 4,000 new homes are expected to come on to the market. According to the property broker's data, average rents for apartments in Abu Dhabi fell by 7 per cent in 2016 and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17348,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-and-abu-dhabi-rents-still-rising-despite-fall-in-demand-report-says\/","url_meta":{"origin":24419,"position":2},"title":"Dubai and Abu Dhabi rents still rising despite fall in demand, report says","date":"June 22, 2016","format":false,"excerpt":"\r Asking rents in Abu Dhabi and Dubai are rising despite a fall in demand caused by falls in the global oil price a new report claims.According to the online property listings portal bayut.com, which analyses property listings, asking rents in Dubai rose 1.57 per cent in May compared with\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36154,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/northern-emirates-rents-stay-flat-after-falling-earlier-this-year\/","url_meta":{"origin":24419,"position":3},"title":"Northern Emirates rents stay flat after falling earlier this year","date":"November 27, 2016","format":false,"excerpt":"\r Housing rents in the UAE's Northern Emirates remained largely flat during the third quarter after falling in the first part of the year in line with the performance of the Dubai market.Sharjah and the other Northern Emirates, located within commuting distance to Dubai, have traditionally been seen by many\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44830,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cheaper-housing-in-dubai-suppresses-sharjah-and-ajman-rents\/","url_meta":{"origin":24419,"position":4},"title":"Cheaper housing in Dubai suppresses Sharjah and Ajman rents","date":"February 20, 2017","format":false,"excerpt":"\r The growth in the number of developers looking to provide more affordable housing schemes to buyers in Dubai is having a knock-on effect in the Northern Emirates, with rents falling across the board and some landlords even offering monthly payments and rent-free periods to attract tenants, according to Asteco.The\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4017,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-house-prices-to-fall-further-but-at-a-slower-rate-than-last-year\/","url_meta":{"origin":24419,"position":5},"title":"Dubai house prices to fall further, but at a slower rate than last year","date":"February 7, 2016","format":false,"excerpt":"\r \r House prices in Dubai are likely to fall further this year, but at a slower pace than in 2015 even as further supply comes on to the market, according to Asteco.The property consultancy's fourth-quarter report for Dubai and the Northern Emirates stated that villa prices fell by 11\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/24419"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=24419"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/24419\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=24419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=24419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=24419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}