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Journalism of Courage
Residential property market in Dubai have stabilized compared to the last quarter,a report has said.
According to the property management firm Asteco8217;s report,villa rents have not changed much since the last quarter with some areas reporting only a slight increase or fall.
8220;It8217;s a similar story on the apartment side with rents sliding by about 5 per cent after rise in area and are expected to come under pressure as more supply comes on line,8221; the report said.
Sales are on rise on the residential side,however,appetite for offices remained subdued and office rents continued to fall.
Free zone authorities said that developers are responding to the changed market condition,seeking to convert commercial developments into mixed-used projects.
8220;Over the past 25 years,we have seen various peak and troughs in the property market with an overall incredible growth in the region.
8220;The only constant is change and the positive upturn after every decline,8221; CEO Asteco Property Management Elaine Jones said.
