Dubai rents rise 2% in Q2 2012, predicted to remain steady

Dubai apartment and villa rents rose by 2% in Q2 2012, with the outlook for the rest of the year described as steady.

Property consultants CBRE released a report showing that rents in popular locations such as Downtown Dubai have risen between 5% and 8%. Other locations have not fared so well, however, with Jumeirah Village rents falling 5%.

Average apartment and villa rents in Dubai rose by 2% in the second quarter of 2012 with the outlook for the rest of the year described as steady.

The average cost of a villa has risen five% in the first half of 2012 and CBRE stated that rates are likely to remain steady for the rest of the year.

"Although there are major villa projects in the pipeline expected to enter the market in phases during the coming months, it is unlikely that this new supply will have a significant impact on lease and occupancy rates in established locations," the report said.

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