Residential apartment rents are three per cent down in the first quarter 2016 compared to first quarter of 2015, according to real estate portal Bayut.
But a comparison done on a quarter-on-quarter basis by the portal reveals a different picture, showing average rentals had increased three per cent with apartment rental yields remaining at 6 per cent.
Studio apartment rents adjusted five per cent with average annual rents being Dh60,000. One- and two-bed apartments both adjusted 4 per cent with average rents being Dh98,000 and Dh154,000 per annum (pa), respectively. The 3- and 4-bed categories corrected by 4 per cent and 3 per cent, respectively, fetching Dh210,000 and Dh321,000 pa.
Almost 4,600 residential units were reported to be completed in the first quarter of 2016 and 10 per cent of them came from projects delayed in 2015. Majority of these were located in Jumeirah Village Circle, Mohammed bin Rashid City and Dubailand.