Dubai rental rates increased in Q2, says report

The cost of renting an apartment in Dubai increased six percent in the second quarter of the year, compared to the previous quarter, while average villa rates rose nine percent, research from property consultants Asteco showed.

The firm’s quarterly report showed that sale prices for villas in well-located areas swelled as much as 16 percent with prices rising on average between six and eight percent as the emirate?s battered residential market started to show some signs of a recovery.

?After three years of declining rates and limited sales activity, the real estate market is on the way to recovery, with established quality communities showing increases in values and higher transaction volumes,? Elaine Jones, CEO of Asteco, said in a statement.

Rental rates for apartments in Dubai Marina and Downtown Dubai increased ten percent during the second quarter compared with the first, with the average two-bedroom apartment going for around AED90,000 (US$24,500) to AED120,000 per annum.

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