Rents cooling in Dubai, but only for summer?

FIRST SEASON SINCE MID-2021 TO RECORD RENT DECLINES

- BY MANOJ NAIR

First-time residents in Dubai and tenants seeking to move out of their current apartments are finding more favourable lease terms in multiple locations.

Slight lowering in rents are showing up in new contracts being signed for homes in Jumeirah Village Circle and Triangle as well as in Arjan, Majan and even in the Greens.

This has been visible since early July and continues to be the case even in the first week of August, according to brokers and landlords.

If the trend continues in the coming weeks, it will mark the first multi-location rental decline since Q4-2020 lease renewals — the last time rents dropped significantly, during the Covid-19 disruptions.

Mixed trends across Dubai

However, there are locations that are still recording increases through the summer. At Dubai Silicon Oasis, new rent contracts show steady rises, primarily in the 5-10 per cent range, with one-bedroom units now listed from Dh70,000 upwards.