Apartment rentals in the capital
fell by up to 35 per cent between March and June
, according to the latest report from
Asteco
. The drops follow 20 per cent declines in the first three months of the year. Sought-after areas in
Khalidiya
and along the
Corniche
have not seen declines, while buildings near
Salam Street
have seen their rents plummet. Meanwhile,
office rents in Dubai are the second highest in the region
, according to a
CB Richard Ellis
report.
The offplan property market is not dead
, Nathalie Gillet reports in The National. There may be no direct sales of property, but she finds that there is an active, below-the-radar market for "credit notes" - which are basically down payments on homes that are not yet built. While word of the credit notes has disseminated widely in Dubai, companies like
Emaar Properties
and
Nakheel
have officially denied they exist.
Michael Michael
, the sales director of
Landmark Properties
(with an unlikely, but true name - I checked), said he had completed several transactions with the credit notes.
Tameer Holding is finishing up refunds for the Al Salam City
project in Umm al Quwain, Parag Deulgaonkar reports in Emirates Business 24/7.
