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Dubai rents at 3-year low: Time to move to a bigger house?

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10/16/2017 | 12:33pm CEST

Staff Report

Average rentals in Dubai continued to decline in the third quarter of the year, with average rents for a studio apartment falling to below Dh50,000 for the first time in three years, fresh data shows.

According to property consultancy CBRE's MarketView report for the third quarter of 2017, Dubai's average rentals have declined by 1.5 per cent from the previous quarter even as there were some notable variations in performances at a sub-market level.

Looking for an apartment in Dubai? Start your search here

MarketView data shows that average prices for a one-bedroom unit in Dubai are now below Dh70,000, a two-bedroom unit will set you back by less than Dh100,000 while an average three-bedroom now goes for under Dh140,000, all at a three-year low.

A quick scan of PropertyFinder.ae data by Khaleej Times shows that studios in Dubai can be rented for as low as Dh25,000 per year or Dh2,084 per month.

Several studio apartments in Dubai's International City area being offered for rent for less than Dh30,000 per annum (Dh2,500 per month).

One-bedroom apartments, on the other hand, start at Dh36,000 per annum (Dh3,000 per month) in Dubai's Barsha South and Al Nahda areas, with some landlords even offering to pay the monthly utility bill as incentives for prospective tenants.

Rentals for two-bedroom apartments in Dubai start at Dh42,000 per annum (Dh3,500 per month) in Muhaisnah and Dh46,000 per year (Dh3,834 per month) in Al Nahda area.

Low rents, however, are not a deterrent for prospective investors as the number of transactions in Dubai's residential markets is on an upswing.

According to CBRE, data from the Dubai Land Department shows that the total value of residential transactions increased by approximately 11 per cent in H1 over the same period last year, driven by growth in overall transaction numbers, which rose by close to 29 per cent.

However, average sales prices experienced a minor dip, falling by around 1 per cent. "The disparity between rising deal volumes and the performance of the leasing sector, demonstrates how investors appear to be taking a longer-term view on the residential market, looking beyond softening rentals and focusing on the availability of attractive prices and the increased flexibility of payment plans offered across both completed and off-plan projects," said Mat Green, Head of Research & Consulting UAE, CBRE Middle East.

Future supply levels continue to grow, with an array of new projects announced during the quarter, including a new joint venture between Meydan and Sobha Group, 'The Residences' in Mohammed Bin Rashid City, Nakheel's 'Palm Residences', and Wasl's new flagship development 'Wasl One' located in Al Kifaf area.

(c) 2017 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2017 13 916 M
EBIT 2017 1 132 M
Net income 2017 778 M
Debt 2017 2 507 M
Yield 2017 -
P/E ratio 2017 17,19
P/E ratio 2018 15,75
EV / Sales 2017 1,14x
EV / Sales 2018 0,94x
Capitalization 13 355 M
Chart CBRE GROUP INC
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CBRE Group Inc Technical Analysis Chart | CBG | US12504L1098 | 4-Traders
Technical analysis trends CBRE GROUP INC
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 40,7 $
Spread / Average Target 2,9%
EPS Revisions
Managers
NameTitle
Robert E. Sulentic President, Chief Executive Officer & Director
Raymond E. Wirta Independent Chairman
James R. Groch CFO & Global Director-Corporate Development
Chandra Dhandapani Chief Technology & Digital Officer
Bradford M. Freeman Independent Director
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