Read more about Model Tenancy Act to create level-playing field between landlord and tenant on Business Standard. By giving landlords the confidence to rent their properties, it will augment supply, providing tenants with more choices
How Dubai rental rates have evolved in the past decade
How Dubai rental rates have evolved in the past decade
Like any market, Dubai s property sector has had its ups and downs amid global economic fluctuations since 2008. As a result, long-term tenants may have found they were paying almost half the annual rent at some point in time compared with the earlier years.
Rental rates in 2008 were much higher than today with a rapidly expanding workforce and economy. However, the global financial crisis sent rents tumbling in 2009, and they remained subdued until 2012 as recovery emerged.
In Dubai Marina, for example, the average cost of a one-bedroom apartment in 2008 was Dh130,000, before falling to Dh63,000 in 2011. Rents in the area climbed in later years to as high as Dh113,000, and by the end of 2019 and 2020 were back down at an average of Dh58,000.