Dubai’s Real Estate Regulatory Authority (Rera) officials said that the new rental index to be released shortly shows an average price drop in rents of 10 to 15 per cent. The new index cannot be released until all new tenancy contracts have been registered and collected through Rera’s online rental contract registration programme, Ejari. However, Marwan Bin Galita, chief executive of Rera, said these figures refer only to certain communities. EFG-Hermes in a real estate report this week said they believe rental rates in Dubai “can decline in the 20 to 50 per cent range” from their peaks in 2008.
Comments on this entry are closed.