{"id":38588,"date":"2016-12-19T21:31:52","date_gmt":"2016-12-19T14:31:52","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=38588"},"modified":"2016-12-19T19:20:38","modified_gmt":"2016-12-19T12:20:38","slug":"dubai-rents-to-fall-in-2017-as-new-homes-come-to-market","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-rents-to-fall-in-2017-as-new-homes-come-to-market\/","title":{"rendered":"Dubai rents to fall in 2017 as new homes come to market"},"content":{"rendered":"


\nThousands of new homes mushrooming up in Dubai’s new suburbs and a continued economic slowdown will keep rents falling in 2017, brokers predict.According to property broker Core Savills, housing rents in Dubai’s suburbs could fall by up to 4 per cent next year after dipping by up to 5 per cent in 2016 as developers hand over new developments amid a stuttering economy.In its 2017 forecast published on Monday, Core Savills says that rents for tenants in suburban areas such as Jumeirah Village and Dubailand, could drop by between 2 and 4 per cent next year as more than 20,000 new homes are completed in Dubai – most of which are outside of the city centre. The broker estimates that just 19 per cent of those homes – about 3,800 – are due to be built in the most established and central parts of the city next year with much of the bulk of new stock coming online in new communities including Mohammed Bin Rashid City and Dubailand.Core Savills forecasts that a glut of new “so-called” affordable housing will also push down house prices in many of these new communities even though it is predicting an uptick in average prices across the city next year and no change for rents in prime areas.”We continue to see rents in lease renewals to be marked down or at least see no change,” said David Godchaux, Core Savills’ chief executive. “We foresee few submarkets to underperform – particularly the affordable and low-mid market segment are likely to be negatively impacted by the large amount of pipeline supply.” Jesse Downs, the managing director of Phidar Advisory, goes even further. She predicts that sales prices and rents across Dubai will continue to weaken next year as the slowing economy forces companies to downsize, dampening demand while the strong US dollar encourages investors to lower their budgets.”It seems stakeholders forget to ask the simple question: who will live here and why?” Ms Downs says. “Investors, squeezed by the strong US dollar, low oil price or other factors in their local markets, are more price sensitive and buying properties with a lower total value. Developers are responding with smaller unit types and smaller average size of each unit type. “A unit mix highly skewed toward smaller unit types and\/or with small unit sizes are suitable in dense urban areas with excellent amenities but are likely unsuitable in low-density and\/or far-flung suburban communities.”lbarnard@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Dubai rents to fall in 2017 as new homes come to market<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Thousands of new homes mushrooming up in Dubai’s new suburbs and a continued economic slowdown...<\/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-38588","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-a2o","jetpack-related-posts":[{"id":38596,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-supply-to-lower-dubai-suburban-rents-in-2017\/","url_meta":{"origin":38588,"position":0},"title":"New supply to lower Dubai suburban rents in 2017","date":"December 19, 2016","format":false,"excerpt":"\r Dubai rents are set to decline further next year with more than 20,000 new homes entering the market, brokers say. After having fallen by up to 5 per cent this year in parts of Dubai, rents should drop by another 4 per cent in the suburbs next year amid\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":35212,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-property-prices-widely-expected-to-rise-in-2017\/","url_meta":{"origin":38588,"position":1},"title":"Dubai property prices widely expected to rise in 2017","date":"November 21, 2016","format":false,"excerpt":"\r Brokers and analysts are certain that Dubai residential house prices will rise next year but disagree over the speed of the property market's recovery. Two reports yesterday by JLL and dubizzle and by Core Savills are forecasting that Dubai's property market will recover much faster than the end of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":35214,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-property-prices-to-rise-in-2017-but-how-quickly\/","url_meta":{"origin":38588,"position":2},"title":"Dubai property prices to rise in 2017, but how quickly?","date":"November 21, 2016","format":false,"excerpt":"\r Brokers and analysts are certain that Dubai residential house prices will rise next year but disagree over the speed of the property market's recovery. Two reports yesterday by JLL and dubizzle and by Core Savills are forecasting that Dubai's property market will recover much faster than the end of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42659,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-property-headed-for-an-upturn-forecasts-knight-frank\/","url_meta":{"origin":38588,"position":3},"title":"Dubai property headed for an upturn, forecasts Knight Frank","date":"February 3, 2017","format":false,"excerpt":"\r Knight Frank has become the latest broker to call the bottom of the Dubai market, saying that it expects house prices and rents in the city to start to increase from mid-2017 onwards.In its 2016 Year End Review, Knight Frank said that government commitments to spending on infrastructure and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19740,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-office-rents-dragged-down-by-amid-glut-of-new-supply\/","url_meta":{"origin":38588,"position":4},"title":"Dubai office rents dragged down by amid glut of new supply","date":"July 14, 2016","format":false,"excerpt":"\r Office rents in some of Dubai's most established business locations fell in the three months to the end of June as a glut of new office stock drove markets south.Rents for offices in Downtown Dubai and along Sheikh Zayed Road fell by 6 per cent in the second quarter,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19746,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-office-rents-dragged-down-amid-glut-of-new-supply\/","url_meta":{"origin":38588,"position":5},"title":"Dubai office rents dragged down amid glut of new supply","date":"July 14, 2016","format":false,"excerpt":"\r Office rents in some of Dubai's most established business locations fell in the three months to the end of June as a glut of new office stock drove markets south.Rents for offices in Downtown Dubai and along Sheikh Zayed Road fell by 6 per cent in the second quarter,\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\/38588"}],"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=38588"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/38588\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=38588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=38588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=38588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}