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Dubai: Here’s where rents are dropping, rising the most

The Dubai property market is currently highly tenant favourable. Apartment rentals in Dubai will continue to decline for the remainder of 2021 but some prime and up-and-coming communities are seeing an increase in rentals due to residents continuing to flock to high-end apartments following consistent decline of rents over the years. The Dubai market’s performance…

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Dubai: Here’s where rents are dropping, rising the most

The Dubai property market is currently highly tenant favourable.

Apartment rentals in Dubai will continue to decline for the remainder of 2021 but some prime and up-and-coming communities are seeing an increase in rentals due to residents continuing to flock to high-end apartments following consistent decline of rents over the years.
The Dubai market’s performance is currently clearly fragmented. Villa rents on average increased by 4.7 per cent, whereas average apartment rents have fallen by 10.3 per cent in the past 12 months to April 2021.
It is currently estimated that around 17 per cent of property units in Dubai are vacant, making the market highly tenant favourable.
Despite an upswing in certain areas, HP Aengaar, CEO of Asteco, says landlords continue to offer incentives including discounts, flexible payment terms of up to 12 cheques, options to pay with debit and credit card and agency fee waivers to retain tenants. However, Aengaar said this could change if the demand continues to increase.
Asteco foresees 30,000 apartments and 5,000 villas hitting the market in Dubai this year.
Where rents are falling
Taimur Khan, head of research at CBRE Middle East, said the most significant declines in rental rates between January to May 2021 have been seen in Al Jadaf, Bluewaters Island, Trade Centre, The Greens, Barsha Heights and Jumeirah Lake Towers (JLT).
“One of the trends which has underpinned these declines, in most of these locations, is flight to quality, with tenants taking advantage of a more favourable market to move into newer developments and communities which offer more integrated amenities,” said Taimur.
However, some communities buck the trend and display a more balanced market where landlords have been able to secure material increases in rents, he added.
Aengaar says rents in affordable communities such as International City and Discovery Gardens have seen a modest fall in the first quarter.
Where rents are rising
Aengaar said there is a rise in nearly all villa communities areas across Dubai, particularly in upcoming areas such as Dubai Hills Estate and Wasl Gate. There is also a demand for rental properties in high-end and mid-end market apartments including DIFC, Downtown Dubai, Palm Jumeirah, Business Bay, and Dubai Marina/JBR.
Taimur Khan said there are a broad range of communities which have seen increases in rents, out significantly in District One, Emirates Hills, The Lakes, MBR City, Dubai Hills Estate and Jumeirah Golf Estates.
Edward Macura, partner at real estate consultancy Core, said waterfront and established villa communities such as Palm Jumeirah, Emirates Hills, The Springs, The Meadows and Arabian Ranches have witnessed a sustained uptick in rents over first half of 2021. However, the outer areas of Jumeirah Villa Circle and villa communities in Dubailand continue to see some downward pressure in rents due to relatively higher levels of supply.
For most apartment districts, Macura sees tenant retention continuing to be a key focus.
“We expect greater tenant demand as the economy further improves on the back of strong government initiatives, however, the apartment rents are expected to recover at a slower pace,” he added.

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UAE, Austria sign Comprehensive Strategic Partnership agreement

Declaration launches a new stage of cooperation between the two countries. His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Sebastian Kurz, Federal Chancellor of the Republic of Austria, today attended the signing of the Comprehensive Strategic Partnership between the UAE…

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UAE, Austria sign Comprehensive Strategic Partnership agreement

Declaration launches a new stage of cooperation between the two countries.

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Sebastian Kurz, Federal Chancellor of the Republic of Austria, today attended the signing of the Comprehensive Strategic Partnership between the UAE and Austria.
The joint declaration made by the two countries reaffirms their commitment to expanding their relations and launching a new stage of cooperation to achieve their shared goals and drive growth in their countries.
The agreement was signed by Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, and Alexander Schallenberg, Austria’s Minister of Foreign Affairs, in the presence of Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan; Sheikh Mohammed bin Hamad bin Tahnoun Al Nahyan, Chairman of Abu Dhabi Airports; Mohamed Mubarak Al Mazrouei, Under-Secretary of the Crown Prince Court of Abu Dhabi, Ibrahim Salem Al Musharakh, UAE Ambassador to Austria, Mag. Gernot Blumel, Austria’s Minister of Finance, and Dr. Margarete Schramböck, Minister for Digital and Economic Affairs.
Below is the full text of the joint declaration:
Areas of Focused Cooperation

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Bollywood: Shilpa Shetty files case against media houses

Actor Shilpa Shetty has filed a defamation suit in Bombay High Court against 29 media personnel and media houses, accusing them of “false reporting and maligning her image” following the arrest of her husband Raj Kundra in a case connected with creation and distribution of pornographic content. The hearing in Kundra’s case is scheduled for…

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Bollywood: Shilpa Shetty files case against media houses

Actor Shilpa Shetty has filed a defamation suit in Bombay High Court against 29 media personnel and media houses, accusing them of “false reporting and maligning her image” following the arrest of her husband Raj Kundra in a case connected with creation and distribution of pornographic content.
The hearing in Kundra’s case is scheduled for Friday.
Shetty urged the high court to issue a “permanent and mandatory injunction restraining the defendants, (themselves and through their servants, agents, assigns and/or any person claiming by or through them) from making and/or publishing and/or reproducing and/or circulating and/or speaking and/or communicating, any derogatory and defamatory statements.”
She also requested the court to issue a mandatory order directing the defendants to forthwith delete and/or remove the defamatory articles and the defamatory videos from their respective websites and social media platforms and to issue an unconditional apology.
The petitioner is also seeking a mandatory order “directing the defendants to issue a clarificatory statement and an unconditional apology in their respective websites and elsewhere where the defamatory statements are contained stating that the defamatory articles and defamatory videos were published without ascertaining the veracity or the genuineness of the statements and hence, are baseless, unsubstantiated and unwarranted”.
The defendants be ordered and directed to pay to the plaintiff (Shilpa Shetty) an amount of Rs20 crore (200 million) together with interest thereon at 18 per cent per annum from the date of filing of the suit until payment and/or realisation, read the plea.
The actor also sought for passing appropriate directions requiring Facebook, YouTube and other social media platforms to remove or delete or take down the defamatory articles and defamatory videos.
Shetty’s husband Raj Kundra was arrested by police on July 19 along with 11 other people on charges related to the alleged creation of pornographic films. Kundra has been named as the key conspirator by the Mumbai Police which has slapped charges against him under Sections 420 (cheating), 34 (common intention), 292, and 293 (related to obscene and indecent advertisements and displays) of the Indian Penal Code (IPC) besides relevant sections of the IT Act and the Indecent Representation of Women (Prohibition) Act, said the police.
Mumbai Crime Branch on Tuesday said that actor Shilpa Shetty has not yet been given a clean chit in the pornography racket case where her husband and businessman Raj Kundra is the prime accused.
“Shilpa Shetty has not been given a clean chit yet. All the possibilities and angles are being probed. Forensic auditors have been appointed and they are looking into the transactions of all the accounts in this case. This audit may take some time as it is a lengthy process but until the audit is complete, no clean chit to anyone,” the officials had said.

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Two rockets fired near US embassy in Baghdad

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Two rockets fired near US embassy in Baghdad

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