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Dubai rents are down 12% over the past year and falls are accelerating

Average apartment rents in Dubai fell by 4% during the third quarter of 2017, while annual comparisons showed a 12% slump, according to a new report.

The Q3 Dubai Real Estate Report from real estate consultancy Asteco showed that Dubai Marina posted the highest decline in rental rates at 19%, compared to Q3 2016, followed by Downtown Dubai (18%), Dubai Sports City (16%) and Bur Dubai (16%).

It also showed that average property prices in Dubai have dropped by 4% over the past year, with Business Bay and Dubai Marina prices falling by the most.

The report, which highlighted no movement in apartment sales prices compared to the previous quarter, highlighted that year-on-year, Business Bay and Dubai Marina both posted an 8% drop, followed by Dubai Sports City, International City and Jumeirah Village, each recording a fall of 7%. Only The Greens and DIFC remained on par with Q3 2016.

Asteco said that in the first three quarters of the year, 10,200 apartments were delivered and a further 3,500 units are due for completion before the end of 2017. In 2016, the total supply was only 8,750 apartments, so the new supply of apartments in Dubai has increased by 57% this year.

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