After more than two years of soaring rents, there’s finally some good news for tenants in Dubai.
While rents continue to increase at eye-popping levels, the rate of the surge is finally moderating in some of the city’s most popular neighborhoods, according to CBRE Group Inc. Rents had climbed to record rates following an influx of newcomers to the Middle Eastern financial and business hub.
The average rental rate climbed 20.6% in the year through September, slightly lower than the 21.7% growth registered a month earlier, according to the real estate adviser. Over this period, the average leases for apartments and villas rose 20.7% and 20.1%, respectively.
Read the full story on Bloomberg here.