Land Sterling Q3 UAE Property Watch also highlights similar declines in Abu Dhabi
Dubai apartment rents are more than 9 percent lower a year ago, according to the latest report by Land Sterling, a British firm of chartered surveyors and property consultants.
The Land Sterling Q3 UAE Property Watch report also said that apartment rents in the emirate have fallen by 3.5 percent since the second quarter of 2017.
The report also noted that Dubai villa rents fell by 4.4 percent on a quarterly basis and by 10 percent yearly.
In Abu Dhabi, apartment rents dropped by 3 percent compared to Q2 and by 9 percent annually while villa rents in the UAE capital slumped by 3 percent and 9 percent respectively.
In the sales market, Land Sterling revealed that Downtown Dubai and Old Town were the most expensive places to buy in the emirate with prices at AED1,950 per sq ft followed by Palm Jumeirah, Dubai Marina and Business Bay.
In Abu Dhabi, Al Bandar was the most expensive place to buy with rates of AED1,500 per sq ft.
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