Pixy
Just a straightforward question please. Are you a property owner here in Dubai? My feeling is yes or that you have some vested interest in rising prices.
Whilst some areas, mainly villas, have similar rents to a few months ago, the continued surplus within the market of 'luxury apartments' is seeing a continuous decline in rental values for these types of property. This will undoubtedly have an effect on all types of property over the next year or so as more stock enters the market. The vast majority will have to be rented as the values will be far less than people paid for these delayed projects, most bought around the peak or just before. Very few will be flipped. Less than 20% will be occupied by the owner. (my rough opinion, not based on any data)
In fact, a colleague of mine who's recently moved into a 3 Bed villa in the Ranches thought he'd bagged a great deal by holding off until now. He was slightly pissed off when the next door neighbour moved in 3 months later into a better finished villa for around 10% less per year. He told me that was over 12K difference. That was last month. I'm not sure if the summer has anything to do with it, it may well do. Perhaps someone in the know can enlighten us?
I have no hidden agenda, just reporting from first hand. You may be able to provide evidence to the contrary.
Harry