Dubai house rents down 30 since March

Apartments in some areas have increased by 11 percent for 1-bedroom units and by 6 percent for 2-bedroom units while 3-and 4-bedroom villas and 3-bedroom villas in some areas have returned to March 2009 rents or increased marginally,Landmark8217;s analysis showed.

Commenting on signs of rents increasing,Charles Neil,CEO of Landmark Advisory,said,8221;The increasing rents can be attributed to a lack of supply,many landlords have removed inventory from the market to avoid renting out at current market rates while others may be out of town during the summer period and consequently unavailable.

8220;We predict that the month of Ramadan will also affect the leasing supply as many landlords are waiting until Q409 to reassess the market,8221; he said.

The report highlighted that demand for property was particularly strong during June and July due to a significant amount of rental contracts ending around this time.