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Dubai rents have started to fall for the first time in three years.It could spell the end of a period of unprecedented housing inflation in which rising rents forced thousands of tenants to downsize or moved out of the emirate.
And with 19,000 homes expected to be handed over in Dubai next year, landlords may struggle to raise rents.After 10 consecutive quarters of growth, average residential rentals dipped by 1 per cent this quarter.
?The dip in rentals has been attributed to an increase in new residential stock combined with weaker demand during the traditionally slow festive and holiday period,? said Matthew Green, the regional head of research and consultancy at CBRE. The biggest falls were in freehold areas such as Downtown Dubai and International Media Production Zone, where rents dropped by an average of 3 per cent.