{"id":38596,"date":"2016-12-19T21:31:52","date_gmt":"2016-12-19T14:31:52","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-supply-to-lower-dubai-suburban-rents-in-2017\/"},"modified":"2016-12-19T22:56:30","modified_gmt":"2016-12-19T15:56:30","slug":"new-supply-to-lower-dubai-suburban-rents-in-2017","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-supply-to-lower-dubai-suburban-rents-in-2017\/","title":{"rendered":"New supply to lower Dubai suburban rents in 2017"},"content":{"rendered":"


\nDubai 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 the supply influx, according to the Core Savills 2017 forecast published yesterday. Most of the new units are being built outside 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. Core Savills forecasts that this new supply 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.”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. But expected sales prices in Dubai are forecast to increase next year off the back of infrastructure spending on mega projects such as Al Maktoum Airport, Dubai Parks and Resorts, Dubai Creek Harbour and Bluewaters Island and Expo 2020, said Core Savills. However, Jesse Downs, managing director of Phidar Advisory, expects prices and rents across Dubai to weaken next year as the slowing economy forces companies to downsize, dampening demand. The strong US dollar, to which the dirham is pegged, encourages the few investors still looking to buy to lower their budgets. “It seems stakeholders forget to ask the simple question: who will live here and why?” Ms Downs said. She said banks continue to cut staff and the new jobs which are created are in lower paid industries – something which she says will depress rents, in turn depressing sales prices.According to Core Savills, residential rents fell this year in all areas of Dubai apart from Jumeirah Lake Towers (JLT) and Jumeirah Village where they increased by 1 per cent. The largest declines were for villas on Palm Jumeirah where rents fell by 5 per cent over the year. Villas on Arabian Ranches declined by 4.5 per cent and rents for villas at Emirates Hills and Al Barari dipped 4 per cent.lbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…New supply to lower Dubai suburban rents in 2017<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai rents are set to decline further next year with more than 20,000 new homes...<\/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-38596","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-a2w","jetpack-related-posts":[{"id":38588,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-rents-to-fall-in-2017-as-new-homes-come-to-market\/","url_meta":{"origin":38596,"position":0},"title":"Dubai rents to fall in 2017 as new homes come to market","date":"December 19, 2016","format":false,"excerpt":"\r Thousands 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7754,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/office-rents-in-prime-dubai-sites-costly-but-rates-fall-elsewhere\/","url_meta":{"origin":38596,"position":1},"title":"Office rents in prime Dubai sites costly but rates fall elsewhere","date":"March 13, 2016","format":false,"excerpt":"\r \r Property developers in Dubai will complete another 450,000 square metres of office towers this year, putting more pressure on rents and potentially giving relief to businesses affected by tougher economic conditions.The glut of new stock equates to 7 per cent of the city's total 6.61 million sq metres\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":38596,"position":2},"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":38596,"position":3},"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":[]},{"id":22392,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-holds-top-10-spot-in-worlds-most-expensive-cities-to-live-and-work\/","url_meta":{"origin":38596,"position":4},"title":"Dubai holds top 10 spot in world's most expensive cities to live and work","date":"August 9, 2016","format":false,"excerpt":"\r Dubai is still in the top 10 most expensive cities in the world to live and work, according to a new study. The Savills Live\/Work Index placed Dubai in eighth, despite a fall in property and office rents in the past year amid weakened oil prices, which has affected\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43837,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabis-residential-rents-to-continue-to-decline-in-2017\/","url_meta":{"origin":38596,"position":5},"title":"Abu Dhabi's residential rents to continue to decline in 2017","date":"February 12, 2017","format":false,"excerpt":"\r Housing rents in Abu Dhabi look set to continue plunging for the first half of 2017 amid continuing economic uncertainty, job losses and cost-cutting measures, property brokers forecast. Chestertons Mena says villa rents in Abu Dhabi fell by 10 per cent during 2016 while apartment rents fell by an\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\/38596"}],"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=38596"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/38596\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=38596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=38596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=38596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}